GBTC approval could return a ‘couple billion dollars’ to investors: Grayscale CEO
Grayscale Investments' boss, Michael Sonnenshein, said that if GBTC got the green light to "convert" to a spot BTC ETF there would "no longer" be a discount or a premium, amid ongoing legal action against the SEC. Grayscale Investments CEO Michael Sonnenshein stated he “can’t imagine” why the United States Securities and Exchange Commission (SEC) “wouldn’t want” to protect Grayscale investors and return the true asset value to them, in a recent podcast interview. In an interview with What Bitcoin Did, a popular podcast hosted by Peter McCormack, on Feb. 25, Sonnenshein explained that the SEC “violated the administrative procedures act” by denying Grayscale Bitcoin Trust (GBTC) to be an approved spot Bitcoin (BTC) exchange-traded fund (ETF), in June 2022. He explained that this act ensures the regulator doesn’t show “favoritism,” or act “arbitrary,” adding that by approving Bitcoin Futures ETF, whilst rejecting “GBTC's conversion,” the SEC has acted “arbitra...