{"id":8062,"date":"2026-08-03T09:43:40","date_gmt":"2026-08-03T09:43:40","guid":{"rendered":"https:\/\/bitcoinwisdom.com\/?p=8062"},"modified":"2026-08-03T09:43:40","modified_gmt":"2026-08-03T09:43:40","slug":"barry-silbert-of-dcg-wins-the-sec-etf-deadlock-but-investors-lose","status":"publish","type":"post","link":"https:\/\/bitcoinwisdom.com\/fr\/barry-silbert-of-dcg-wins-the-sec-etf-deadlock-but-investors-lose\/","title":{"rendered":"Barry Silbert de DCG remporte l&#039;impasse SEC ETF, mais les investisseurs perdent"},"content":{"rendered":"<ul class=\"wp-block-list\"><li><strong>Digital Currency Group (DCG), la soci\u00e9t\u00e9 qui g\u00e8re CoinDesk, poss\u00e8de une filiale appel\u00e9e Grayscale.<\/strong><\/li><li><strong>Grayscale subirait une perte importante de revenus de frais si GBTC \u00e9tait converti en ETF, car la soci\u00e9t\u00e9 facture des frais de 2% sur les actifs sous-jacents, quelle que soit la d\u00e9cote.<\/strong><\/li><li><strong>Selkis estime cependant que Grayscale ne prendra pas l&#039;initiative, car cela n\u00e9cessiterait de renoncer \u00e0 des centaines de millions de dollars de frais.<\/strong><\/li><\/ul><hr>\n\n\n\n<p>La d\u00e9cision de la SEC est un coup dur pour la soci\u00e9t\u00e9 m\u00e8re de GBTC, Grayscale Investments, qui a commercialis\u00e9 de mani\u00e8re agressive la fiducie comme un moyen d&#039;investir dans Bitcoin sans avoir \u00e0 faire face aux complexit\u00e9s li\u00e9es \u00e0 la possession r\u00e9elle de la crypto-monnaie.<\/p>\n\n\n\n<p>C\u2019est \u00e9galement un revers pour l\u2019ensemble du secteur de la cryptographie, qui a travaill\u00e9 dur pour convaincre les r\u00e9gulateurs que Bitcoin est une classe d\u2019actifs l\u00e9gitime qui m\u00e9rite d\u2019\u00eatre investie.<\/p>\n\n\n\n<p>La principale pr\u00e9occupation de la SEC semble \u00eatre qu&#039;il n&#039;y a pas suffisamment de liquidit\u00e9 sur le march\u00e9 pour Bitcoin et que les actions de GBTC pourraient ne pas refl\u00e9ter fid\u00e8lement l&#039;actif sous-jacent.<\/p>\n\n\n\n<p>Alors que <a href=\"https:\/\/bitcoinwisdom.com\/fr\/grayscale-sues-united-states-sec-over-bitcoin-etf-application-rejection\/\" class=\"ek-link\">Niveaux de gris<\/a> a poursuivi la SEC dans le but de la persuader de reconsid\u00e9rer, Ryan Selkis de Messari Research a d\u00e9crit quelques possibilit\u00e9s qui, selon lui, pourraient r\u00e9sulter de ce g\u00e2chis.<\/p>\n\n\n\n<p>Dans le cas o\u00f9 GBTC serait converti en ETF, cela repr\u00e9senterait une perte importante de revenus de frais pour Grayscale. En effet, Grayscale facture des frais de 2% sur les actifs sous-jacents, quelle que soit la remise. Si <a href=\"https:\/\/grayscale.com\/products\/grayscale-bitcoin-trust\/\" rel=\"nofollow noopener\" target=\"_blank\">GBTC<\/a> si elle devenait un ETF, elle ne serait plus soumise \u00e0 ces frais. En cons\u00e9quence, cela porterait un coup dur aux r\u00e9sultats financiers de Grayscale.<\/p>\n\n\n\n<p>Les revenus de Grayscale seraient d\u00e9truits par plus de 50% dans le cadre d&#039;un proc\u00e8s \u00ab gagnant \u00bb et d&#039;une \u00e9ventuelle conversion d&#039;ETF. Un ETF comprendrait une fen\u00eatre de rachat grande ouverte et peut-\u00eatre des co\u00fbts inf\u00e9rieurs afin de maintenir les actifs sous gestion. <\/p>\n\n\n\n<p>Selkis a d\u00e9clar\u00e9<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Nous parlons d&#039;une perte pour la DCG de pr\u00e8s de $200 millions par an. <\/p><\/blockquote>\n\n\n\n<p>La question qui reste est de savoir si Grayscale fait la promotion de l\u2019ETF de bonne foi. Ou une farce g\u00e9ante a-t-elle \u00e9t\u00e9 command\u00e9e depuis la cachette secr\u00e8te de Silbert \u00e0 Stamford ?<\/p>","protected":false},"excerpt":{"rendered":"<p>Digital Currency Group (DCG), the company that runs CoinDesk, has a subsidiary called Grayscale. Grayscale would suffer a significant loss in fee income if GBTC were converted to an ETF because the company charges a 2 percent fee on the underlying assets regardless of the discount. Selkis, though, believes Grayscale won&#8217;t take the initiative since [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":8137,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","_uag_custom_page_level_css":"","footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[190,12],"tags":[135,172],"class_list":["post-8062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-news","tag-blockchain","tag-crypto"],"acf":[],"uagb_featured_image_src":{"full":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/06\/Barry-Silbert-Of-Dcg-Wins-The-SEC-ETF-Deadlock-But-Investors-Lose-According-To-Messari-Research.jpg",1279,854,false],"thumbnail":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/06\/Barry-Silbert-Of-Dcg-Wins-The-SEC-ETF-Deadlock-But-Investors-Lose-According-To-Messari-Research-500x330.jpg",500,330,true],"medium":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/06\/Barry-Silbert-Of-Dcg-Wins-The-SEC-ETF-Deadlock-But-Investors-Lose-According-To-Messari-Research-300x200.jpg",300,200,true],"medium_large":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/06\/Barry-Silbert-Of-Dcg-Wins-The-SEC-ETF-Deadlock-But-Investors-Lose-According-To-Messari-Research-768x513.jpg",640,428,true],"large":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/06\/Barry-Silbert-Of-Dcg-Wins-The-SEC-ETF-Deadlock-But-Investors-Lose-According-To-Messari-Research-1024x684.jpg",640,428,true],"1536x1536":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/06\/Barry-Silbert-Of-Dcg-Wins-The-SEC-ETF-Deadlock-But-Investors-Lose-According-To-Messari-Research.jpg",1279,854,false],"2048x2048":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/06\/Barry-Silbert-Of-Dcg-Wins-The-SEC-ETF-Deadlock-But-Investors-Lose-According-To-Messari-Research.jpg",1279,854,false],"trp-custom-language-flag":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/06\/Barry-Silbert-Of-Dcg-Wins-The-SEC-ETF-Deadlock-But-Investors-Lose-According-To-Messari-Research.jpg",18,12,false]},"uagb_author_info":{"display_name":"Barinem Pene","author_link":"https:\/\/bitcoinwisdom.com\/fr\/author\/barinem\/"},"uagb_comment_info":0,"uagb_excerpt":"Digital Currency Group (DCG), the company that runs CoinDesk, has a subsidiary called Grayscale. Grayscale would suffer a significant loss in fee income if GBTC were converted to an ETF because the company charges a 2 percent fee on the underlying assets regardless of the discount. Selkis, though, believes Grayscale won&#8217;t take the initiative since\u2026","_links":{"self":[{"href":"https:\/\/bitcoinwisdom.com\/fr\/wp-json\/wp\/v2\/posts\/8062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinwisdom.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinwisdom.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinwisdom.com\/fr\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinwisdom.com\/fr\/wp-json\/wp\/v2\/comments?post=8062"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinwisdom.com\/fr\/wp-json\/wp\/v2\/posts\/8062\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinwisdom.com\/fr\/wp-json\/wp\/v2\/media\/8137"}],"wp:attachment":[{"href":"https:\/\/bitcoinwisdom.com\/fr\/wp-json\/wp\/v2\/media?parent=8062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinwisdom.com\/fr\/wp-json\/wp\/v2\/categories?post=8062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinwisdom.com\/fr\/wp-json\/wp\/v2\/tags?post=8062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}