Investor letter: Grayscale CEO Michael Sonnenshein details options if the Grayscale Bitcoin Trust's ETF plans fail, including a tender for outstanding shares
Michael Sonnenshein attempts to assuage fears of Grayscale Bitcoin Trust investors after collapse of FTX
Wall Street Journal Vicky Ge Huang
Related Coverage
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- Grayscale to Refund 20% of Investor's Capital if SEC Denies Its ETF Bid Coinspeaker · Benjamin Godfrey
Discussion
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@wublockchain
Wu Blockchain
on x
WSJ: Grayscale may give a tender offer for up to 20% of the outstanding shares of the $10.7 billion trust, which would make a direct appeal to shareholders to sell—or tender—their shares at a specific price during a certain time. https://www.wsj.com/...
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@ldrogen
Leigh Drogen
on x
A tender offer? With who's money? And why on earth would any outside investor buy shares at a higher price than the can on the open market. This makes absolutely zero sense. These guys are lying and screwed https://twitter.com/...
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@kamikaz_eth
@kamikaz_eth
on x
Market hasn't moved but this is super bearish news for BTC This is *yet another* future black swan for BTC if the tender offer moves forward, as underlying BTC sales would be only way to raise the cash So even after Mt Gox sales in Jan/Feb, there's new lurking disaster for BTC ht…
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@ericbalchunas
Eric Balchunas
on x
Grayscale exploring a possible tender offer for 20% of the shares if/when bitcoin conversion dreams fail (our senior litigation analyst @NYCStein gives them a 40% chance of success in their suit against SEC) h/t @senderowiczj https://www.wsj.com/... via @WSJ
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@ceterispar1bus
@ceterispar1bus
on x
looks like no plans to liquidate gbtc https://twitter.com/... https://twitter.com/...
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@fintechfrank
Frank Chaparro
on x
Grayscale CEO: “Grayscale products, including GBTC, remain safe, secure, and unencumbered.” “We remain steadfast in our belief that the conversion of GBTC to an ETF is in the best interest of investors, and we remain 100% committed to that endeavor.”
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@cmsholdings
@cmsholdings
on x
Feels vaguely like a threat to people bitching about the 2% fee that they may go and have to dump some precious btc on spot if you keep complaining https://twitter.com/...
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@mhonkasalo
@mhonkasalo
on x
Can anyone name a more parasitic product than @Grayscale in the history of finance? I'm not talking about fraud but just how a product is structured & the impact of that investors/market.
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@hodlkryptonite
@hodlkryptonite
on x
1/n - Unpacking the mess that is $GBTC right now https://www.wsj.com/...