The biggest bitcoin recognized as a fund Grayscale Bitcoin Trust The dark clouds over the background have not yet dissipated.
inside grayscale and Genesis hosting companies such as of the Digital Currency Group (DCG) While the news of liquidity problems makes investors nervous, this atmosphere of fear bitcoinWe see that it prevents the rise of .
DCG recently stated that it owed $1.7 billion in loans to Genesis. Investors worried about Genesis’ bankruptcy are worried that it could also infect DCG.
Aware that investors are nervous, Grayscale CEO Michael Sonnenshein sent a letter to investors.
In the letter seen by The Wall Street Journal, it was stated that if the Grayscale Bitcoin Trust Fund (GBTC) cannot be converted into an ETF (unless the SEC approves), a new option may be offered to the shareholders.
Accordingly, it was stated that a tender could be opened for up to 20% of the currently outstanding shares of the fund of 10.7 billion dollars. This offer will make a direct call for shareholders to sell or bid their shares at a set price for a certain period of time.
Michael Sonnenshein stated that they will continue to work on converting the fund into an ETF, but the move is being considered as a second option for investors to recover some of their losses.
With the recent bear market and rising FUD, Grayscale funds are trading at a negative premium of up to 49%.
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