While Grayscale’s SEC victory continued to be talked about in the crypto world, company CEO Michael Sonnenshein continued to load into the SEC. Sonnenshein, who participated in the broadcast of CNBC from the US media, stated that the court found the definition of “selfish and capricious decisions” to be correct and said:
No one ignores the fact that 1 million people have GBTC anymore. If further damage is done to this group of investors, the SEC has not done its duty. We will drastically reduce transaction fees if GBTCs are converted to ETFs. The court clearly told us, ‘You are right’. He found the correlation between Bitcoin’s spot price and its futures price very high. The SEC could not persuade them.
Sonnenshein also stated that the industry is still in its infancy and he thinks that corporate companies will start to get involved in this area with the introduction of GBTC. After yesterday’s decision, there was a serious demand for the GBTC product and the discount rate in the shares dropped from 25% to 17%.