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Grayscale CEO Says GBTC Investors Will Receive Tender Offer if SEC Fails to Approve ETF

Michael Sonnenshein, the CEO of American digital asset management firm Grayscale Investments, has revealed that investors in the firm’s Bitcoin Trust Fund (GBTC) will receive a tender offer if the United States Securities and Exchange Commission (SEC) fails to approve the product.

During a recent interview with CNBC’s Squawk Box, Sonnenshein disclosed that Grayscale is focused on changing the SEC’s stance on the company’s efforts to launch a Bitcoin Spot ETF for investors.

Recall that Grayscale sued the SEC last year for rejecting its proposal to convert its flagship Bitcoin Fund into a Bitcoin Spot ETF.

Grayscale submitted the application in 2021, hoping it would be approved and, in turn, help expose U.S. investors to Bitcoin, unlocking $8 billion in value. However, the SEC rejected the proposal because the product did not meet the standards established to protect investors from fraudulent and market manipulation practices.

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