U.S. Congressman Brad Sherman questioned the Securities and Exchange Commission (SEC) about whether Grayscale Bitcoin Trust investors (GBTC) can redeem their assets from the investment company.
In a May 11 letter directed to the SEC Chair Gary Gensler, the Congressman claimed that Grayscale prioritized profits regardless of how it affected over 850,000 retail investors whose assets are currently trapped in GBTC.
“Grayscale marketed itself as a way for retail investors to invest in bitcoin and share in its financial growth without worrying about the safety and storage difficulties that come with owning cryptocurrencies directly.”
According to the Congressman, Grayscale’s decision to issue more GBTC shares played a significant role in the shares trading at over 40% discount to its net asset value. The discount has narrowed to 39.76% as of press time, according to ycharts data.
Sherman noted that these actions created concerns for thousands of GBTC investors, adding that an SEC inte
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