The corporate has reportedly refused to supply redemptions even after ceasing gross sales of recent GBTC shares. Brad Sherman believes that “Grayscale’s actions with respect to GBTC are motivated by a need to extend property below administration, no matter its impression on GBTC buyers.” The lawmaker believes Grayscale is avoiding enabling redemptions to keep away from lowering its 2% administration charges, which helped the agency rake in $615 million in 2021.
Congressman Sherman additionally known as into query the involvement of Grayscale’s dad or mum agency Digital Forex Group (DCG), within the alleged manipulation of GBTC’s low cost.