Oral arguments in Grayscale Investment’s appeal of the SEC's decision to deny the conversion of its Grayscale Bitcoin Trust into an ETF will be heard on March 7. LedesmaLyllah reports
The District of Columbia Court of Appeals has set a date to begin hearing oral arguments in Grayscale Investment’s appeal of the Securities and Exchange Commission’s decision to deny the conversion of its Grayscale Bitcoin Trust into an exchange-traded fund , according to a court order filed Monday, as reported by CNBC.
The arguments will take place at 9:30 a.m. ET on March 7, which is sooner than Grayscale had anticipated., Grayscale said that “we previously anticipated oral arguments to be as soon as Q2 2023, so having them scheduled to begin on March 7 is welcome news.” Separately, Grayscale CEO Michael Sonnenshein, reiterated on CNBC on Tuesday that the company would consider making a tender offer to redeem shares of the trust if it runs out of options to convert the trust into an ETF.
“If we do exhaust all the judicial options to challenge the SEC stance on this product, we would entertain working constructively with regulators and shareholders to offer a tender offer,” Sonnenshein told CNBC., Grayscale noted that one option is to tender an offer for up to 20% of outstanding GBTC shares.
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