'In the event we are unsuccessful in pursuing options for returning a portion of the capital to shareholders, we do not currently intend to dissolve GBTC,' wrote CEO Michael Sonnenshein to investors.
on Dec. 10, Grayscale Investments' CEO Michael Sonnenshein said that the firm may consider"a tender offer for a portion of the outstanding shares of GBTC [Grayscale Bitcoin Trust]" if the latter's exchange-traded fund conversion process is ultimately unsuccessful. Sonnenshein stated that"such tender offer would be for no more than 20% of the outstanding shares of GBTC" and would require both regulatory"relief" from the U.S.
Grayscale and its subsidiary over-the-counter traded fund GBTC is currently embroiled in a lawsuit with the SEC after the latterto convert the GBTC to a spot Bitcoin ETF on June 29, 2022. As told by Sonnenshein, Grayscale filed its opening brief against the SEC on October 11, 2022, and is due to submit its response to an SEC reply brief by January 13, 2022, with the final written brief due on February 3, 2022.
"In the event we are unsuccessful in pursuing options for returning a portion of the capital to shareholders, we do not currently intend to dissolve GBTC, but would instead continue to operate GBTC without an ongoing redemption program until we are successful in converting it to a spot bitcoin ETF." Cointelegraph previously reported that GBTC, along with other major Grayscale digital currency funds, are trading at discounts to net asset values, or NAVs, of
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