Hi HODLers,
Finally, a public company called out the SEC on their dangerous behavior!
Grayscale is not ruling out suing the SEC if the agency prohibits the launch of a spot cryptocurrency ETF.
As Grayscale CEO said:
“I think all options are on the table,”
“The Grayscale team has been putting the full resources of our firm behind converting GBTC, our flagship fund, into an ETF,”
What is crazy is that the SEC received 2,700 letters from investors or Bitcoin Spot ETF advocates.
“GBTC today has been traded since 2015 and it’s been an SEC-reporting company since January of 2020, so every single day that it is trading and being bought and sold by investors and is not being folded into the familiarity and the protections of an ETF wrapper, we really don’t feel that the SEC is doing everything they can to actually protect investors,”
This last sentence really hit home! Today, Grayscale's product is NOT good for consumers, you have premiums / discounts and risks on the price as it does not match the real price of Bitcoin.
Currently the discount is close to 20%!
Let's also think that this could open the door for other cryptocurrencies as Grayscale has a dozen funds with close to $40bn in assets under management.
WEN HIVE ETF?
In any case, if this is accepted by the SEC, this could pump Bitcoin a little bit more.
Also, who knows if the current pump is not made by people who already know the answer?
Stay safe out there!
Sources
Grayscale Threatens Legal Action if SEC Rejects Bitcoin ETF Conversion Bid
Grayscale’s Fight for a Bitcoin ETF Could End in Lawsuit Against SEC
