Investment firm Grayscale is considering returning some of the capital belonging to the Grayscale Bitcoin Trust (GBTC) if its spot Bitcoin (BTC) ETF application is not approved by the US Securities and Exchange Commission (SEC).
According to the news that the Wall Street Journal (WSJ) based on an investor letter, Grayscale said that if the GBTC fund’s application to convert into a spot Bitcoin ETF is not accepted by the SEC, the fund’s assets 20% of Will look for a refund. In the report, 20% of the GBTC fund of the said refund transaction by selling with a bidding system Although it was stated that it would be carried out, no further information was given about the details of the transaction.
grayscale hin June, hours after the regulator rejected the ETF application sued the SEC and to the decisionvehemently opposed” he had said.
GBTC fund currently compared to net market value 50% It is trading at a great discount. It’s also been a longstanding litigation between the SEC and Grayscale. There was no development in favor of Grayscale. Finally, in a summary the SEC released earlier this month, lack of oversight reasons and maintained his negative attitude towards the course of the case.