Valkyrie Wants To 'Manage and Sponsor' Grayscale’s Troubled Bitcoin Trust (GBTC) 🔎

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In a letter posted on its website, crypto asset manager Valkyrie Investments has revealed that it wants to become the sponsor and manager of the Grayscale Bitcoin Trust (GBTC), a product introduced by its rival firm Grayscale Investments. It included a set of proposals on how it intends to manage the product, which includes allowing investors to redeem GBTC at net-asset value via a Regulation M filing.

Parts of the letter posted on the firm’s website reads as follows,

“We are well-equipped to handle the unique challenges and opportunities presented by GBTC. Our combination of technical and regulatory knowledge and hands-on experience makes us the ideal choice to take on this role […] We understand that Grayscale has played an important role in the development and growth of the bitcoin ecosystem with the launch of GBTC, and we respect the team and the work that they have done. However, in light of recent events involving Grayscale and its family of affiliated companies, it is time for a change. Valkyrie is the best company to manage GBTC to ensure its investors are treated fairly.”

https://www.bloomberg.com/news/articles/2022-12-30/valkyrie-unveils-proposal-for-grayscale-s-troubled-bitcoin-trust-gbtc