Share this article
Grayscale's Sonnenshein Addresses GBTC's Collapsing Premium
Sonnenshein thinks U.S. regulators aren't ready to approve a bitcoin ETF yet.
By Danny Nelson
Updated Sep 14, 2021, 12:30 p.m. Published Mar 23, 2021, 2:51 p.m.
Grayscale CEO Michael Sonnenshein said the crypto asset management company is taking a wait-and-see approach to filing for a bitcoin exchange-traded fund (ETF).
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- On CoinDesk TV Tuesday morning, the CEO, who took over Grayscale – owned by CoinDesk parent Digital Currency Group – in January, suggested U.S. regulators still aren’t ready to approve a bitcoin ETF, even though Grayscale is preparing for such an eventuality.
- A bitcoin ETF would likely oust Grayscale’s Bitcoin Trust (GBTC) product from its dominant position by offering investors far lower fees and nixing the fund’s premium/discount discrepancies, negatives that have spooked some advisories from touching GBTC.
- Rebuffing assertions that an armada of recent bitcoin fund products could challenge GBTC with more competitive fee structures, Sonnenshein said the trust’s 2% annual fee would remain.
- He notched Grayscale’s collapsing premium to the forces of supply and demand. “There have been so many shares created that that has put some selling pressure on the stock itself, but ultimately [I] do not foresee this as a product issue.," he said.
- Institutional investors continue to line up, he said, predicting the market remains in the “early days” of a corporate bitcoin adoption trend that may accelerate through 2021.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
KindlyMD Turns to Kraken as Fourth Provider for Bitcoin-Backed $210M Loan at 8%
An SEC filing shows the Kraken facility will be used to retire an outstanding Antalpha loan and requires significant bitcoin collateral.
What to know:
- KindlyMD turned to Kraken for a $210 million loan “bearing a fee of 8% per annum” with maturity on Dec. 4, 2026.
- The company said it will use the proceeds to satisfy its obligations to Antalpha Digital in full.
- Kraken becomes the company’s fourth financing source this year following earlier arrangements with Yorkville Advisors, Two Prime and Antalpha.
Top Stories
