Michael Sonnenshein, CEO of Grayscale Investments, gives an overview of his firm’s case against the SEC, which has denied requests to turn Grayscale’s bitcoin trust into an exchange-traded fund (ETF). With oral arguments kicking off March 7, Sonnenshein lays out what a worst-case “tender offer” would entail and whether DCG CEO Barry Silbert has any say over GBTC’s fate. Show highlights:<ul>
<li>why Grayscale charges higher fees than, say, the average ETF</li>
<li>what Grayscale will do if it loses its case against the SEC</li>
<li>why Grayscale has not filed for Regulation M relief</li>
<li>Michael's comments on Gemini liquidating 31 million shares of GBTC</li>
<li>the reason behind the October 2022 timing of Grayscale changing GBTC's “authorized participant”</li>
<li>the relationship between Grayscale and DCG, and Barry Silbert's involvement in Grayscale's operations</li>
<li>why the trust agreement of GBTC was changed</li>
</ul><h3>Thank you to our sponsors!</h3><a href="https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021">Crypto.com</a>GuestMichael Sonnenshein:<ul><li><a href="https://twitter.com/Sonnenshein">Twitter</a></li></ul>Links<ul>
<li>
CNBC:<a href="https://www.cnbc.com/2023/01/24/dc-appeals-court-expedites-oral-arguments-in-grayscale-lawsuit-against-sec.html"> </a><a href="https://www.cnbc.com/2023/01/24/dc-appeals-court-expedites-oral-arguments-in-grayscale-lawsuit-against-sec.html">Court sets date for oral arguments in Grayscale's challenge of SEC's bitcoin ETF decision</a>
</li>
<li>Reuters: </li>
<li><a href="https://www.reuters.com/technology/grayscale-would-appeal-lawsuit-against-sec-if-court-rejects-case-ceo-says-2023-01-25/">Grayscale would appeal lawsuit against SEC if court rejects case, CEO says</a></li>
<li><a href="https://www.reuters.com/markets/us/us-sec-rejects-grayscales-spot-bitcoin-etf-application-2022-06-30/">Ruling in Grayscale-U.S. SEC lawsuit likely within a year</a></li>
<li>
MarketWatch:<a href="https://www.marketwatch.com/story/grayscale-may-ultimately-considers-tender-offer-for-bitcoin-trust-if-lawsuit-against-sec-fails-ceo-says-11674573786"> </a><a href="https://www.marketwatch.com/story/grayscale-may-ultimately-considers-tender-offer-for-bitcoin-trust-if-lawsuit-against-sec-fails-ceo-says-11674573786">Grayscale may ‘ultimately’ considers tender offer for bitcoin trust, CEO says</a>
</li>
<li>
CoinTelegraph:<a href="https://cointelegraph.com/news/grayscale-bitcoin-trust-terminates-material-agreements-with-genesis"> </a><a href="https://cointelegraph.com/news/grayscale-bitcoin-trust-terminates-material-agreements-with-genesis">Grayscale terminates Bitcoin trust material agreements with Genesis</a>
</li>
<li>
CoinDesk:<a href="https://www.coindesk.com/policy/2023/01/13/grayscale-slams-secs-unreasonable-barring-of-spot-bitcoin-etfs/"> </a><a href="https://www.coindesk.com/policy/2023/01/13/grayscale-slams-secs-unreasonable-barring-of-spot-bitcoin-etfs/">Grayscale Slams SEC's 'Unreasonable' Barring of Spot Bitcoin ETFs</a>
</li>
<li>
Bloomberg:<a href="https://www.bloomberg.com/news/articles/2022-12-06/hedge-fund-sues-grayscale-for-details-on-battered-bitcoin-trust?sref=m9L277rN"> </a><a href="https://www.bloomberg.com/news/articles/2022-12-06/hedge-fund-sues-grayscale-for-details-on-battered-bitcoin-trust?sref=m9L277rN">Hedge Fund Sues Grayscale for Data on Battered Bitcoin Trust</a>
</li>
<li>
Bitcoinist:<a href="https://bitcoinist.com/what-a-reg-m-will-entail-for-genesis-and-bitcoin/"> </a><a href="https://bitcoinist.com/what-a-reg-m-will-entail-for-genesis-and-bitcoin/">Here's What A Reg M Will Entail For Genesis, DCG And Bitcoin</a>
</li>
<li><a href="https://medium.com/@laurashin/why-investment-experts-say-a-spot-bitcoin-etf-would-be-superior-to-bitcoin-futures-etfs-aaab862262ff">Why Investment Experts Say a Spot Bitcoin ETF Would Be Superior to Bitcoin Futures ETFs by Laura Shin</a></li>
<li>
Andrew Parish’s<a href="https://twitter.com/ap_abacus/status/1618593329763213314?s=46&t=Wof9blvvB8D9B9NKQfxrbA"> </a><a href="https://twitter.com/ap_abacus/status/1618593329763213314?s=46&t=Wof9blvvB8D9B9NKQfxrbA">tweet on the possibility of the case going to the Supreme Court</a>
</li>
<li>
Grayscale’s<a href="https://grayscale.com/wp-content/uploads/2022/12/2022-End-of-Year-Investor-Letter.pdf"> </a><a href="https://grayscale.com/wp-content/uploads/2022/12/2022-End-of-Year-Investor-Letter.pdf">End of Year CEO Letter to Investors</a>
</li>
<li>
Ycharts:<a href="https://ycharts.com/companies/GBTC/discount_or_premium_to_nav"> </a><a href="https://ycharts.com/companies/GBTC/discount_or_premium_to_nav">GBTC Discount or Premium to NAV</a>
</li>
</ul>Previous coverage of Unchained on GBTC: <ul>
<li><a href="https://unchainedpodcast.com/bitwises-latest-plans-to-get-a-bitcoin-etf-approved/">Bitwise's Latest Plans to Get a Bitcoin ETF Approved</a></li>
<li><a href="https://unchainedpodcast.com/dcgs-dilemma-should-it-sell-its-gbtc-holdings-to-repay-gemini-ep-442/">DCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?</a></li>
<li><a href="https://unchainedpodcast.com/gemini-vs-dcg-is-heating-up-could-gemini-force-genesis-into-bankruptcy-ep-440/">Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?</a></li>
<li><a href="https://unchainedpodcast.com/the-last-big-whale-why-the-crypto-contagion-of-2022-eventually-hit-genesis-ep-426/">‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis</a></li>
</ul> Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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

Unchained