Advertisement
AD

Main navigation

Grayscale CEO Elaborates on Whether GBTC Investors Will Be Able to Redeem Their Crypto

Advertisement
Tue, 24/01/2023 - 16:26
Grayscale CEO Elaborates on Whether GBTC Investors Will Be Able to Redeem Their Crypto
Cover image via www.youtube.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Contents
Advertisement

In a recent interview with CNBC’s Squawk Box show, the chief executive of Grayscale crypto investment fund Michael Sonnenshein shed some light on the company’s continuing lawsuit against the SEC, on the potential lowering of fees, and whether investors will ever be able to redeem their crypto from Grayscale.

Besides, he shared his take on where Bitcoin might head next from the current price level.

“If we fail to convert GBTC into an ETF…”

Squawk Box co-host Becky Quick asked Sonnenshein a direct question on whether Grayscale is going to arrive at ta point where they will allow investors to redeem their crypto assets from Grayscale Bitcoin Trust. She made a reminder that GBTC is now trading at around 40 percent discount and that, Becky stated, might really worry investors.

Sonnenshein responded that currently, the priority for Grayscale is to win their lawsuit against the SEC, which they filed last year after the regulator rejected their application to convert GBTC into a Bitcoin ETF.

If all those attempts to reach that through the court fail, the CEO said, in that case, the company would engage with regulators and shareholders to make a tender offer. However, he pointed out, this would be a great deviation from bringing a Bitcoin ETF to the market and a signal that the regulators refuse to bring BTC further into the regulatory field and protect investors.

Sonnenshein also said that Grayscale is “committed to lowering fees” for investors but did not mention if or when they plan to actually lower them.

Related
Bitcoin (BTC) May Get Down to $22,300 Before Jumping Again, Here's Why It's Good: Prominent Analyst

“A little bit of a relief rally for crypto now”

Answering to a question of the host Joe Kernen on whether Bitcoin is now going to continue rising to the $25,000 or maybe even $30,000 level, Michael Sonnenshein admitted that it is hard to make such predictions.

However, he said that investors believe that the majority of the negative news on the crypto market they had been expecting has dropped already and the crypto market may be seeing a bit of a relief rally at the moment.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD