Grayscale CEO: If GBTC Can't Convert to Bitcoin ETF, Will Consider Options Such as Tender Offer to Return Funds to Some Investors

According to a report by The Wall Street Journal, Grayscale CEO Michael Sonnenshein stated in a letter to investors that if they are unable to convert GBTC into a Bitcoin exchange-traded fund (ETF) in the end, they may propose a tender offer to acquire 20% of the $10.7 billion trust fund that has already been issued. Grayscale mentioned that converting GBTC into an ETF would help align its stock price with its underlying value. Market participants would be able to create and redeem shares of GBTC. Michael Sonnenshein noted that Grayscale does not have a specific timeline for exploring options beyond converting to an ETF, but they are prepared for all scenarios.

According to a report by the Wall Street Journal, Grayscale CEO Michael Sonnenshein stated in a letter to investors that if they are unable to convert GBTC into a Bitcoin exchange-traded fund (ETF), they may propose a tender offer to buy back 20% of the $10.7 billion trust fund that has already been issued. Grayscale mentioned that converting GBTC into an ETF would help align its stock price with its underlying value. Market participants would be able to create and redeem shares of GBTC. Michael Sonnenshein mentioned that while Grayscale does not have a specific timeline for exploring options other than converting to an ETF, they are prepared for all scenarios.

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