Are GBTC's controlling shareholders' stakes illiquid?

Digital Currency Group rumoured to be bankrupt and sell GBTC.

Selkis noted that it is much more likely that DCG-Genesis will refinance using GBTC as security.

The $BTC underlying GBTC is owned by $GBTC and $GBTC alone, according to Grayscale.

Due to operator liquidity worries, GBTC trades at a 40% discount to NAV.

Aaron Schnarch, showing that it currently holds 635,235 BTC under custody in Grayscale's name.