Grayscale is open to M&A-related opportunities, firm’s CEO says

GBTC operator’s “eyes and ears are open” when approached about potential strategic deals, CEO Michael Sonnenshein says

article-image

Grayscale and Adobe Stock modified by Blockworks

share

Crypto asset manager Grayscale Investments has been fielding calls related to mergers and acquisitions following its high-profile legal win against the Securities and Exchange Commission last year. 

When asked during an interview with CNBC’s Andrew Ross Sorkin whether Grayscale would still be an independent company in two years, Grayscale CEO Michael Sonnenshein said his firm is open to considering deals.

“Our eyes and ears are open, and sometimes people are approaching us about strategically working together,” Sonnenshein told CNBC. “But nothing to announce this morning.”

Big financial players like BlackRock are further wading into the crypto space, Sorkin noted. Grayscale is a giant of sorts in the segment, with roughly $23 billion of assets under management in its Bitcoin Trust ETF (GBTC) alone. 

Still, GBTC’s asset base has shrunk in recent weeks, while more money has gravitated to lower-cost spot bitcoin ETFs by BlackRock, Fidelity and others.

Carrying a fee of 1.5%, GBTC has seen about $7.3 billion in net outflows over the last six weeks. The nine other spot bitcoin ETFs have tallied collective net inflows of roughly $12.6 billion.

Read more: After record crypto product inflow week, bitcoin ETF volumes spike

“Would it make sense for you to be with somebody else?” Sorkin posed.

“It could,” Sonnenshein said. “I’d be lying if I didn’t say that those types of conversations and those opportunities over time have started to present themselves at Grayscale.”

A Grayscale spokesperson did not immediately return a request for further comment.

Sonnenshein said the broader investment community took notice of Grayscale’s court victory over the SEC in August.

DC Circuit Court of Appeals judges ruled that the SEC’s decision to approve bitcoin futures funds, but not Grayscale’s proposed conversion of its Bitcoin Trust (GBTC), was “arbitrary and capricious.” 

The ruling, which the SEC chose not to appeal, essentially prevented the SEC from denying spot bitcoin ETFs under reasons it had given in the past. 

The SEC ultimately approved spot bitcoin ETFs on Jan. 10. SEC Chair Gary Gensler said in a statement at the time that the approval was “the most sustainable path forward” given the court’s decision on the Grayscale matter.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

morpho 2 graphic.png

Research

Utilizing a ‘DeFi Mullet’ approach, Coinbase’s Bitcoin-backed loans integration with Morpho demonstrates a powerful blueprint for CEXs to monetize dormant assets by expanding adoption of wrapped products (cbBTC, USDC) while also supporting native and/or preferred DeFi ecosystems (Base) which can further lead to downstream growth in onchain liquidity and increased utilization of the related assets.

article-image

The platform also rolled out 13 tokenized funds for institutions on the Connect platform

article-image

The company’s expanded lineup introduces new ETF products, as more and more issuers get into crypto funds

article-image

President Donald Trump announced a 10% levy on almost all goods and additional tariffs on so-called “worst offending” countries

article-image

Solana may be in “recomposition” mode, as new protocols put usefulness ahead of mere virality

article-image

The stablecoin issuer will have to contend with bigger players and the interest rates environment

article-image

The president reportedly was still working on his tariff policy plans late Tuesday evening