Bloomberg analyst James Seyffart made an interpretation on the issues of DCG, Genesis, Gemini lawsuits and their relevance in a tweet. He stated that the only true relationship that could affect GBTC (rather than other declarants) is that Genesis is the only authorized participant (AP) of GBTC until the end of 2022. However, this is not conclusive evidence as some people believe. Becoming an AP means agreeing to be a facilitator of fund share creation and redemption. In this case, someone gives Bitcoin to Genesis and they go through the process of receiving GBTC shares that are equivalent in value as a return. In this case, the relationship between the two is closer because they are/were sister companies of DCG. Most ETFs have multiple APs, and they are often large banks. Legal issues of companies like Goldman Sachs or Bank of America or other large financial institutions do not actually affect the operation of ETFs as APs. If this were indeed the case, Genesis is no longer GBTC's AP and they were removed in October 2022. Any new information or potential improper behavior could change my view, but currently there is no evidence to support this.