Besides the macroeconomic headwinds, when it comes to crypto, there are two main concerns at the moment: Binance and DCG. The situation surrounding Genesis Trading, Digital Currency Group (DCG) and Grayscale, which is still unresolved after a month, is depressing the market sentiment around Bitcoin.
As reported by the Wall Street Journal, information has now leaked out again which might be a double-edged sword for investors. Grayscale CEO Michael Sonnenshein said the company would explore new options to return a portion of the Grayscale Bitcoin Trust’s capital to shareholders, as the GBTC currently trades at a record 49% discount to net asset value (NAV).
That option is up for debate if the company fails to convert the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund, according to a letter to investors.
As reported by WSJ, the option could include a tender offer for up to 20% of the trust’s $10.7 billion outstanding shares. A tender offer would be a direct appeal to shar
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