- The CEO stated this in an interview with Bloomberg Markets.
- Prior to that, on March 7, a hearing was held on Grayscale’s lawsuit against the SEC.
- On the eve of the event, the GBTC trust fell into the discount zone by an impressive 45%
On Tuesday, March 7, a very important hearing took place in Grayscale v. SEC (Securities and Exchange Commission). On the eve of this event, the company’s BTC trust fell into the discount zone by 45%.
This demonstrates that traders are skeptical about the proceedings. But Grayscale’s top management doesn’t share these concerns.
IN interview for Bloomberg Grayscale CEO Michael Sonnenschein said he was confident of victory. At the same time, he even named the approximate date for the end of the proceedings – the third quarter of this year.
When asked by an interviewer about what gives Sonnenschein such confidence, he answered the following:
“In this case, it all comes down to consistency. Yesterday, clear arguments were made by our team, top-class specialists. We are sincerely grateful for the opportunity to present the case in the district court. And these are the same arguments as at the very beginning, when we just filed a lawsuit.”
Sonnenschein noted the positive reaction from investors to the trust itself, as well as several other points that back up Grayscale’s claims. This is an example of other exchange-traded funds, as well as less risk for investors, since GBTC does not trade in futures, but directly in cryptocurrency.
The CEO also noted the following:
“This is undoubtedly the number one priority for our company. We will make every effort to achieve the conversion of GBTC to ETF. It doesn’t matter if it happens within the current case or after.”
At the end, Sonnenschein noted that his legal team had several “last resort” scenarios. In particular, the company is considering filing an appeal in the event of a disappointing outcome of the proceedings.