Grayscale CEO: If GBTC cannot be converted to a Bitcoin ETF, it may attempt a tender offer

ChainCatcher news, according to The Wall Street Journal, Grayscale CEO Michael Sonnenshein stated in a letter to investors that if it ultimately fails to convert GBTC into a Bitcoin exchange-traded fund (ETF), it may propose a tender offer for 20% of the $10.7 billion trust fund that has been issued.

Grayscale indicated that converting GBTC into an ETF would help align its share price with its potential value. Market participants would be able to create and redeem shares of GBTC. Michael Sonnenshein mentioned that there is no specific timeline for exploring options other than converting to an ETF, but the company is prepared for all scenarios. (The Wall Street Journal)