The D.C. Court of Appeals has scheduled a date to hear oral arguments in Grayscale's lawsuit contesting the SEC's decision to deny the conversion of GBTC to an ETF.
ETF – and no longer just as a way to open the crypto market to more institutional investment.
Investors have grown concerned about the harm GBTC could do to shareholders; the shares have been trading at a growing discount to NAV and the structure of the trust is such that shares can't be redeemed. Many agree that the SEC giving the green light to Grayscale to convert the trust into an ETF would be the ideal path forward for investors.
GBTC, which had $14.5 billion in assets under management as of Monday, was the first crypto product investors could trade in their brokerage accounts to get exposure to bitcoin. It was launched in 2013, well before the approval of bitcoin ETFs in Canada or bitcoin futures ETFs in the U.S. Grayscale charges a 2% annual fee to investors, making it a cash cow for parent company Digital Currency Group, led by Barry Silbert. Silbert has been under fire by many investors in crypto, most recently Gemini's Cameron Winklevoss.and conflicts of interest of GBTC.
Valkyrie CIO Steve McClurg and Osprey Funds CEO Greg King have both urged Grayscale to withdraw as sponsor of GBTC and name their funds the sponsor instead to give shareholders a better path to lower management fees and the implementation of a redemption program.
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