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:

Links

Previous coverage of Unchained on GBTC:

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• Source: https://unchainedpodcast.com/why-grayscale-is-suing-the-sec-over-its-denial-of-a-bitcoin-etf-ep-448/