Here is an excellent article that talks about Grayscales options for what it can do with GBTC, either convert to ETF or other methods.
The business model for Grayscale is broke until they can get back to NAV, this has an effect on all of Bitcoin since Grayscale is a large holder @ $33B.
Grayscale mentioned buying back $250M of their stock. I am not sure if the math works on this. I do not know the outstanding “shares” since its a trust and I am not sure thats reported.
The market cap says $7.909B on yahoo finance. So @ 45.00 share, that would mean 175755555 shares. $250M divided by this amount of shares is only about $1.42, and we are off NAV by more than that, so I am not sure how the math all works. They need to do this though, because the difference is getting to be a lot. BTC goes up and GBTC like hits a ceiling.