.Grayscale is exploring the option of returning capital to GBTC shareholders following several denied bitcoin ETF applications, according to a report. By oknightcrypto.
One option is to offer tender for 20% of outstanding GBTC shares, which are currently trading at a 49% discount to net asset value , the report said.
Grayscale has been knocked back multiple times in its mission to convert its bitcoin trust into an ETF, with the SECThe letter by Grayscale Chief Executive Michael Sonnenshein attempted to ease concerns among shareholders following a turbulent month across the crypto industry following the collapse of FTX, one of the largest exchanges.
Grayscale is owned by the Digital Currency Group and is a sister company of CoinDesk. Grayscale did not immediately respond to request for comment.hours after the regulator rejected its ETF application, with the company saying that it"vehemently disagreed" with the SEC's decision.
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