According to the "Wall Street Journal" report, Grayscale (Grayscale) CEO Michael Sonnenshein stated in a letter to investors that if GBTC cannot be converted into a Bitcoin exchange-traded fund (ETF), it may propose a review of the existing bitcoin exchange-traded fund (ETF). Tender Offer for 20% of the $10.7 Billion Trust Fund Issued. Converting GBTC to an ETF will help keep its share price in line with its underlying value, Grayscale said. Market participants will be able to create and redeem shares of GBTC. Michael Sonnenshein said Grayscale has no specific timetable for when it will explore options other than switching to ETFs, but is prepared for all scenarios.