Prominent Bitcoin fund Grayscale Bitcoin Trust (GBTC) are seeking alternatives to let shareholders get their money, if the exchange traded funds (ETF) will not become a reality. The firm reportedly came to the conclusion that it would return a share from its bitcoin fund. This step would be taken in case if the aforementioned conditions do not meet.
The Wall Street Journal reported, “Grayscale Investments said the firm would explore new options to return a portion of the Grayscale Bitcoin Trust’s capital to shareholders if it fails to transform the world’s largest bitcoin fund into an exchange-traded fund.”
As per the reports, Grayscale CEO Michael Sonnenshie said the further options would include 20% of the shares worth 10.7 billion USD within the tender offer.
In an interview earlier, Sonnenshein said that the firm does not have any specific timeline for looking for other options than ETF conversions for now. Though it is all set to face any possible scenario.
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