Grayscale Investments said the firm would explore new options to return a portion of the Grayscale Bitcoin Trust's capital to shareholders if it fails to transform the world’s largest bitcoin fund into an exchange-traded fund.

These options could include a tender offer for up to 20% of the outstanding shares of the $10.7bn trust, Grayscale Chief Executive Michael Sonnenshein said in a letter to investors viewed by The Wall Street Journal. A tender offer would make a direct appeal to shareholders to sell — or tender — their shares at a specific price during a certain time.