July 2 (Cointime) - Gemini CEO Cameron Winklevoss has criticized the Grayscale Bitcoin Trust (GBTC) on Twitter, calling it a "toxic product." He also expressed frustration with the SEC's rejection of Gemini's application for a spot Bitcoin ETF 10 years ago, which he believes has deprived US investors of the opportunity to participate in one of the best-performing assets of the past decade.

Winklevoss argues that the SEC's denial has driven investors towards suboptimal alternatives like GBTC, which trades at a substantial discount to its NAV and charges high fees. He also notes that the SEC's reluctance to approve Bitcoin ETFs has led to the potential migration of spot Bitcoin trading to unlicensed and unregulated venues outside the US.