Grayscale CEO Highlights 20% GBTC Share Buyback Option if ETF Conversion Fails
According to an end-of-year letter to investors published on Dec. 10, Grayscale Investments' CEO Michael Sonnenshein said that the firm may consider "a tender offer for a portion of the outstanding shares of GBTC [Grayscale Bitcoin Trust]" if the latter's exchange-traded fund conversion process is ultimately unsuccessful. Sonnenshein stated that "such tender offer would be for no more than 20% of the outstanding shares of GBTC" and would require both regulatory "relief" from the U.S. Securities and Exchange Commission as well as shareholder approval to approve such offer.
If Grayscale’s Bitcoin ETF Dreams Fail, Firm May Try a Tender Offer, CEO Says
Grayscale Investments said the firm would explore new options to return a portion of the Grayscale Bitcoin Trust capital to shareholders if it fails to transform the world’s largest bitcoin fund into an exchange-traded fund.
SEC Reiterates its Decision to Reject Grayscale’s Bitcoin ETF Application
The US SEC has reiterated its decision to deny Grayscale’s spot Bitcoin ETF application, causing Bitcoin to dip below $17k, erasing all its weekly gains.
Grayscale - DCG, A Looming Collapse Of Monumental Proportions
Grayscale and DCG never promoted the disruptive potential of cryptocurrency but encouraged the speculative aspect of wild trading and hype instead.
SEC Looks To Intercept Grayscale Bitcoin ETF Review Bid
The United States Securities and Exchange Commission (SEC) is taking further steps to stop Grayscale Investments’ efforts to launch a Bitcoin exchange-traded fund (ETF). Grayscale began its legal challenge of the SEC’s denial order of the proposed investment product in June 2022.
SEC Filed First Legal Brief on GBTC Lawsuit, Grayscale Reiterates Key Arguments
SEC has now approved several Bitcoin futures-based ETFs, yet it has continued to disapprove spot-based Bitcoin ETF applicants.
Grayscale Says SEC Filed First Legal Brief in Ongoing Bitcoin Futures ETF Lawsuit
Grayscale Investments said the U.S. Securities Exchange Commission has filed its first legal brief in the lawsuit the crypto asset manager filed over the rejection of its application for a spot bitcoin exchange-traded fund.
Grayscale DeFi Fund Now Available to Public Investors
Grayscale first launched the DeFi Fund in July 2021 but restricted its trading to only privately-accredited investors. However, on Dec. 9, it <a href="https://www.globenewswire.com/news-release/2022/12/09/2571058/0/en/Grayscale-DeFi-Fund-Now-Trading-on-OTC-Markets.html?linkId=193018740">announced</a> that U.S.-based accredited investors can publicly buy and sell the DEFG Shares.
Major Grayscale Digital Currency Funds Are Trading at 34% to 69% Discount to NAV
According to statistics sourced from data aggregator YCharts, seven digital currency funds issued by asset manager Grayscale Investments are currently at a discount of 34% to 69% to their net asset value, or NAV. Holdings tracked in the analysis include the Grayscale Bitcoin Trust; Ethereum Trust, Ethereum Classic Trust, Litecoin Trust, ZCash Trust, Horizen Trust, Stellar Lumens Trust, and Livepeer Trust.
Grayscale’s GBTC Discount to NAV Hits All-Time Low of 47%
The price of Grayscale Bitcoin Trust (GBTC) versus the bitcoin it actually holds hit an all time low on Wednesday, with the discount ratio reaching 47.3%, according to data from The Block.
