Crypto custodian Valkyrie Investments has said it is interested in sponsoring and managing Grayscale’s listed Bitcoin (BTC) fund.
In a new statement, Valkyrie co-founder Steve McClurg will take over the Grayscale Bitcoin Trust (GBTC) as shares in the world’s largest Bitcoin fund trade at less than 45% of BTC’s spot price. Presented the company’s proposal.
According to McClurg, the company’s newly launched Valkyrie Opportunistic Fund wants to take advantage of GBTC’s discounted price compared to Bitcoin’s underlying value.
“As the Fund increases its GBTC holdings, we are very interested in realizing the true value of the underlying Bitcoin for our investors and will actively pursue this goal on their behalf. “
Crypto executives have also proposed plans to improve GBTC’s current management of bitcoin and cash redemptions.
“Our proposal represents a significant improvement to GBTC’s current management team…We put the interests of GBTC shareholders first and have the experience and expertise to do it effectively. I have.”
Valkyrie’s proposal comes after Grayscale’s parent company, Digital Currency Group, faced liquidity issues after one of its subsidiaries, crypto lender Genesis, suspended withdrawals following the bankruptcy that ravaged the crypto industry last year. Done when facing. According to McClurg, the situation calls for a change in management of his GBTC.
“In light of recent events involving Grayscale and its family of affiliates, it is time for a change. Valkyrie is the perfect company to manage GBTC so that investors are treated fairly.”
In December, Grayscale reportedly under consideration If we are unable to obtain approval from the U.S. Securities and Exchange Commission to convert GBTC into an exchange-traded fund, we will sell a portion of our capital to investors.
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