Grayscale Bitcoin Trust re-opens private placement of its shares

Grayscale Bitcoin Trust (GBTC), an investment vehicle, has resumed private placement of its shares for “accredited” investors.

Announced Monday, Grayscale said GBTC is available for daily subscription at net asset value. Investors who participate in the private placement will have to hold their GBTC shares for a one-year period as the firm currently does not operate a redemption program.

In November, Digital Currency Group-owned Grayscale filed with the U.S. Securities and Exchange Commission (SEC) to register GBTC - if the filing is passed, investors will be able to liquidate their holdings in 6 months.

Accredited investors are those with over $1 million in net worth, $200,000 in annual income, or $300,000 in joint annual income, according to the SEC's definition. The regulator, however, recently proposed to widen the definition to include those with professional knowledge, experience, or certifications that could prove their qualifications to participate in private capital markets.