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Grayscale Ponders Tender Launch if ETF Conversion Fails

Michael Sonnenshein, the CEO of Grayscale Investments, categorically states that their ultimate preference lies in converting the GBTC to an ETF. Furthermore, this conversion is done for the benefit of the concerned investors. However, Grayscale Investments is also considering launching a tender offer for the GBTC shares. However, this is just in case a court does not allow the company’s intentions to convert the world’s biggest publicly traded crypto fund into an ETF.

As it presently stands, the Grayscale Bitcoin Trust has a holding of nearly $11 billion in the form of Bitcoin. However, the value of the shares is way below the value of the bitcoin they stand for. In this case scenario, the market capitalization is $5.6 billion. However, the trust’s legal format prevents investors from redeeming their shares for the fundamental bitcoin.

(By David Cox)

Grayscale
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