Grayscale Investments CEO Michael Sonnenshein “can’t imagine” why the United States Securities and Exchange Commission (SEC) “wouldn’t want” to protect Grayscale investors and return the true asset value to them, in a recent podcast interview.

He explained that this act ensures the regulator doesn’t show “favoritism,” or act “arbitrary,” adding that by approving Bitcoin Futures ETF, and not approving “GBTC's conversion,” the SEC has acted “arbitrarily.”

He stated that there is actually a “couple billion dollars” of capital that would immediately go right back into investors pockets, on an overnight basis, as the fund would "bleed back" up to its net asset value.

He reiterated that Grayscale is in the process of “suing the SEC now,” and could have a decision challenging the SEC denial, by as late as “fall 2023.”