Digital Asset Manager Grayscale Considers Buying Back 5th Part of GBTC from Market
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Digital asset manager Grayscale Investments intends to buy back a fifth (20%) of the issued shares of the Bitcoin Trust (GBTC) if the SEC refuses to convert it into an ETF, according to The Wall Street Journal.
The proposal has been sent signed by the company’s CEO Michael Sonnenschein.
According to it, in the specified scenario, the holders of securities will have the option to present them at a certain price in a specific period of time.
Grayscale is currently not accepting GBTC redemption applications. Investors can sell them on the open market. The company charges a 2% management fee for such transactions.
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