3 Comments

Fascinating read, as always. I love the deep dive!

Interesting point about Grayscale. I'd always thought that issuers were legally required to publish the prospectus on their websites, but from what I can see the language is on the website OR by checking EDGAR. From https://www.sec.gov/about/reports-publications/investor-publications/introduction-mutual-funds :

Mutual funds and ETFs: You can research a mutual fund or ETF by reading its prospectus carefully to learn about its investment strategy and the potential risks. You can find the prospectus on the mutual fund’s or ETF’s website or on the SEC’s EDGAR database and download the documents for free.

Like you, I can't think of a single instance in which an issuer didn't readily provide this information to investors. What an easy and obvious thing to do; I can't understand why they wouldn't. Bizarre.

Expand full comment

I suppose there are excuses -- they were fling a lot of stuff, etc. But if you go to the GBTC Edgar pages, its reams of Free Writing Prospectus filings (every time Sonnenshein says anything public) and it takes a LOT of work to find a live S-1, and as far as I can tell, the most recent S1 isnt actually effective one, as it's full of blanks. https://www.sec.gov/edgar/browse/?CIK=0001588489

Expand full comment

WILD. Thanks for hunting it down!

Expand full comment