Bernstein said in a research report that the suspension of withdrawals by Genesis Global Capital does not directly affect the Grayscale Bitcoin BTC 3.65% Trust (GBTC). Propose compensation.
The report says the market is concerned that Grayscale could be “considered as a strategic option in the event of disaster,” but analysts believe DCG would prefer to keep Grayscale over Genesis’ business even in the worst-case scenario.
Grayscale is DCG’s flagship business and its cash cow, generating about $300 million in annual fee revenue, according to Bernstein.
Analysts Gautam Chhugani and Manas Agrawal said GBTC’s trust structure protects its holders and avoids failure within DCG or DCG Group entities.
