Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF - Ep. 448

Published: Jan. 27, 2023, 8:30 a.m.

b"Michael Sonnenshein, CEO of Grayscale Investments, gives an overview of his firm\\u2019s case against the SEC, which has denied requests to turn Grayscale\\u2019s bitcoin trust into an exchange-traded fund (ETF). With oral arguments kicking off March 7, Sonnenshein lays out what a worst-case \\u201ctender offer\\u201d would entail and whether DCG CEO Barry Silbert has any say over GBTC\\u2019s fate.\\xa0\\n\\nShow highlights:\\n\\nwhy Grayscale charges higher fees than, say, the average ETF\\n\\nwhat Grayscale will do if it loses its case against the SEC\\n\\nwhy Grayscale has not filed for Regulation M relief\\n\\nMichael's comments on Gemini liquidating 31 million shares of GBTC\\n\\nthe reason behind the October 2022 timing of Grayscale changing GBTC's \\u201cauthorized participant\\u201d\\n\\nthe relationship between Grayscale and DCG, and Barry Silbert's involvement in Grayscale's operations\\n\\nwhy the trust agreement of GBTC was changed\\n\\n\\nThank you to our sponsors!\\nCrypto.com\\n\\nGuest\\nMichael Sonnenshein:\\nTwitter\\n\\nLinks\\n\\n\\nCNBC: Court sets date for oral arguments in Grayscale's challenge of SEC's bitcoin ETF decision\\n\\n\\nReuters:\\xa0\\n\\nGrayscale would appeal lawsuit against SEC if court rejects case, CEO says\\n\\nRuling in Grayscale-U.S. SEC lawsuit likely within a year\\n\\n\\nMarketWatch: Grayscale may \\u2018ultimately\\u2019 consider tender offer for bitcoin trust, CEO says\\n\\n\\n\\nCoinTelegraph: Grayscale terminates Bitcoin trust material agreements with Genesis\\n\\n\\n\\nCoinDesk: Grayscale Slams SEC's 'Unreasonable' Barring of Spot Bitcoin ETFs\\n\\n\\n\\nBloomberg: Hedge Fund Sues Grayscale for Data on Battered Bitcoin Trust\\n\\n\\n\\nBitcoinist: Here's What A Reg M Will Entail For Genesis, DCG And Bitcoin\\n\\n\\nWhy Investment Experts Say a Spot Bitcoin ETF Would Be Superior to Bitcoin Futures ETFs by Laura Shin\\n\\n\\nAndrew Parish\\u2019s tweet on the possibility of the case going to the Supreme Court\\n\\n\\n\\nGrayscale\\u2019s End of Year CEO Letter to Investors\\n\\n\\n\\nYcharts: GBTC Discount or Premium to NAV\\n\\n\\n\\n\\nPrevious coverage of Unchained on GBTC:\\xa0\\n\\nBitwise's Latest Plans to Get a Bitcoin ETF Approved\\n\\nDCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?\\n\\nGemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?\\n\\n\\u2018The Last Big Whale\\u2019: Why the Crypto Contagion of 2022 Eventually Hit Genesis\\n\\n\\nLearn more about your ad choices. Visit megaphone.fm/adchoices"