Grayscale Bitcoin Trust (GBTC) discount continues to trade in the double-digits. The Securities and Exchange Commission rejected the company’s application to convert it into an ETF. The SEC would be receptive to the suit as it would keep a GBTC ETF off the market while its shareholders are made whole from redemptions at a market rate. The most prudent and realistic path to ‘fixing’ GBTC comes via something called a Regulation M exemption, says Messari Research’s Ryan Selkis. The best way to fix GBTC is to sue for it in order to force DCG’s hand away from maintaining the status quo, he says. In the end, this is still a long shot, but “Regulation M relief could be the move . . .
Read more at www.coindesk.com