We describe active asteroid 331P/Gibbs (2012 F5) using archival Hubble Space Telescope (HST) data taken between 2015 and 2018. 331P is an outer main belt active asteroid with a long-lived debris trail that formed in 2011. Embedded in the debris trail we identify 19 fragments with radii between 0.04 and 0.11 km (albedo 0.05 assumed) containing about 1% of the mass of the primary nucleus. The largest shows a photometric range (~1.5 mag), a V-shaped minimum, and a two-peaked lightcurve period near 9 hr, consistent with a symmetric contact binary. Less convincing explanations are that 331P-A is a monolithic, elongated splinter or that its surface shows hemispheric 4:1 albedo variations. The debris trail is composed of centimeter-sized and larger particles ejected with characteristic 10 cm s-1 speeds following a size distribution with index q = 3.7 ± 0.1 to 4.1 ± 0.2. The HST data show that earlier, ground-based measurements of the nucleus were contaminated by near-nucleus debris, which cleared by 2015. We find that the primary nucleus has effective radius 0.8 ± 0.1 km and is in rapid rotation (3.26 ± 0.01 hr), with a lightcurve range of 0.25 mag and a minimum density of 1600 kg m-3 if strengthless. The properties of 331P are consistent with (1) formation about 1.5 Myr ago by impact shattering of a precursor body, (2) spin-up by radiation torques to critical rotation, (3) ejection of about 1% of the nucleus mass in mid 2011 by rotational instability, and (4) subsequent evolution of the fragments and dispersal of the debris by radiation pressure.