Michael Sonnenshein, CEO of Grayscale Investments, gives an overview of his firm’s case against the SEC, which has denied requests to turn Grayscale’s bitcoin trust into an exchange-traded fund (ETF). With oral arguments kicking off March 7, Sonnenshein lays out what a worst-case “tender offer” would entail and whether DCG CEO Barry Silbert has any say over GBTC’s fate.

Show highlights:

  • why Grayscale charges higher fees than, say, the average ETF
  • what Grayscale will do if it loses its case against the SEC
  • why Grayscale has not filed for Regulation M relief
  • Michael’s comments on Gemini liquidating 31 million shares of GBTC
  • the reason behind the October 2022 timing of Grayscale changing GBTC’s “authorized participant”
  • the relationship between Grayscale and DCG, and Barry Silbert’s involvement in Grayscale’s operations
  • why the trust agreement of GBTC was changed

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Michael Sonnenshein:


Previous coverage of Unchained on GBTC: