The world’s largest Bitcoin reserves grayscaleconfirmed that it will not share documents detailing the security of assets and providing evidence of reserve.
collapsed in November FTX exchange has caused great damage to the cryptocurrency market. Investigations that began after the collapse caused investors to question their assets. The statement made by Grayscale, on the other hand, confused the community and created question marks.
As a matter of fact, many people think that Grayscale will not collapse like FTX.
Grayscale is one of the most important players in the crypto money industry, especially Bitcoin. Therefore, the collapse of the Bitcoin giant can create much bigger problems than the collapse of FTX and even have irreversible consequences. The company has more than $10 billion in Bitcoin, Ethereum and other crypto assets on its balance sheet. These assets are critical as they constitute the main income items of the company.
Serving under the umbrella of the Digital Currency Group, Grayscale actually has a very wide network. Crypto trading platform Genesis is under the same roof with mining company Foundry, investment app Luno, and media outlet CoinDesk. All of these names cryptocurrency critical to the industry.
Grayscale Safe!
Rumors that emerged in the Grayscale exclusive CEO Barry Silbert Commented by on November 23. The CEO confirmed the company’s goal of making $800 million in profits despite the crypto winter. According to the CEO, the company is operating as usual despite the so-called crypto winter.
In the same note, the CEO said that they have survived the previous crypto winter; He underlined that the next winter will come out stronger, albeit much harsher.
Barry Silbert was one of the first proponents of Bitcoin and a true cryptocurrency enthusiast. Indeed, he does not have a similar background to Sam Bankman-Fried, as is often compared. Silbert has 28 years of experience in business matters. Prior to crypto assets, he owned an investment bank in New York. As a matter of fact, he was the CEO of the trading platform called Second Market.
Along with Grayscale, Silbert applied for a spot Bitcoin exchange fund (ETF) named Grayscale Bitcoin Trust (GBTC). However, the SEC rejected this application. The SEC dismissed it on the grounds of “inability of the investment manager to answer questions regarding market manipulation concerns” and weak investment protection.
Grayscale later filed a petition appealing the decision to the U.S. Court of Appeals for the District of Columbia and went on to sue the SEC for what it called an “arbitrary, capricious, and discriminatory” decision.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.