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

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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