Grayscale CEO Michael Sonnenshein said in a letter to investors that if GBTC is ultimately unable to be converted into a Bitcoin ETF, it may make a tender offer for 20% of the US$10.7 billion issued trust fund share. Grayscale said converting GBTC into an ETF would help align the price of its shares with its underlying value. Market participants will be able to create and redeem GBTC shares. Michael Sonnenshein said Grayscale has no specific timetable for when it will explore options other than converting to ETFs, but it is prepared for all scenarios. (Wall Street Journal)