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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Crypto.comGuest
Michael Sonnenshein:
Links
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- CNBC: Court sets date for oral arguments in Grayscale’s challenge of SEC’s bitcoin ETF decision
- Reuters:
- MarketWatch: Grayscale may ‘ultimately’ consider tender offer for bitcoin trust, CEO says
- CoinTelegraph: Grayscale terminates Bitcoin trust material agreements with Genesis
- CoinDesk: Grayscale Slams SEC’s ‘Unreasonable’ Barring of Spot Bitcoin ETFs
- Andrew Parish’s tweet on the possibility of the case going to the Supreme Court
- Grayscale’s End of Year CEO Letter to Investors
- Ycharts: GBTC Discount or Premium to NAV
