Michael Sonnenshein, chief executive at digital asset manager Grayscale, said Tuesday the company would consider providing a tender offer to redeem shares of...
Michael Sonnenshein, chief executive at digital asset manager Grayscale Bitcoin Trust, said Tuesday the company would consider providing a tender offer to redeem shares of its GBTC, if it exhausts all the options to push for GBTC’s conversion to an exchange-traded fund.
Sonnenshein didn’t mention details of the potential tender offer. In a letter to investors in December, Sonnenshein said Grayscale may consider a tender offer for up to 20% shares of GBTC GBTC , while it is subject to the approval of the U.S. Securities and Exchange Commission that the agency “may not provide.”
“If we do exhaust all the judicial options to challenge the SEC stance on this product, we would entertain working constructively with regulators and shareholders to offer a tender offer,” Sonnenshein told CNBC Tuesday. Investors have been paying close attention to the fate of GBTC, as Grayscale’s sister company Genesis filed for bankruptcy last week, while its parent company Digital Currency Group scrambled to raise capital.
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