Unchained

Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF - Ep. 448

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Michael Sonnenshein, CEO of Grayscale Investments, gives an overview of his firm’s case against the SEC, which has denied requests to turn Grayscale’s bitcoin trust into an exchange-traded fund (ETF). With oral arguments kicking off March 7, Sonnenshein lays out what a worst-case “tender offer” would entail and whether DCG CEO Barry Silbert has any say over GBTC’s fate. 


Show highlights:

  • why Grayscale charges higher fees than, say, the average ETF
  • what Grayscale will do if it loses its case against the SEC
  • why Grayscale has not filed for Regulation M relief
  • Michael's comments on Gemini liquidating 31 million shares of GBTC
  • the reason behind the October 2022 timing of Grayscale changing GBTC's “authorized participant”
  • the relationship between Grayscale and DCG, and Barry Silbert's involvement in Grayscale's operations
  • why the trust agreement of GBTC was changed


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    Guest

    Michael Sonnenshein:

    • Twitter


    Links

    • CNBC: Court sets date for oral arguments in Grayscale's challenge of SEC's bitcoin ETF decision
    • Reuters: 
    • Grayscale would appeal lawsuit against SEC if court rejects case, CEO says
    • Ruling in Grayscale-U.S. SEC lawsuit likely within a year
    • MarketWatch: Grayscale may ‘ultimately’ consider tender offer for bitcoin trust, CEO says
    • CoinTelegraph: Grayscale terminates Bitcoin trust material agreements with Genesis
    • CoinDesk: Grayscale Slams SEC's 'Unreasonable' Barring of Spot Bitcoin ETFs
    • Bloomberg: Hedge Fund Sues Grayscale for Data on Battered Bitcoin Trust
    • Bitcoinist: Here's What A Reg M Will Entail For Genesis, DCG And Bitcoin
    • Why Investment Experts Say a Spot Bitcoin ETF Would Be Superior to Bitcoin Futures ETFs by Laura Shin
    • Andrew Parish’s tweet on the possibility of the case going to the Supreme Court
    • Grayscale’s End of Year CEO Letter to Investors
    • Ycharts: GBTC Discount or Premium to NAV



      Previous coverage of Unchained on GBTC: 

      • Bitwise's Latest Plans to Get a Bitcoin ETF Approved
      • DCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?
      • Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?
      • ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis

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        UnchainedBy Laura Shin