Cryptocurrency asset management company Valkyrie Investments proposed to become the manager of GBTC

2022-12-31 10:53:49

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ChainCatcher news, the cryptocurrency asset management company Valkyrie Investments has proposed to become the sponsor and manager of the Grayscale Bitcoin Trust (GBTC). At the same time, Valkyrie Investments announced the launch of the Valkyrie Opportunistic Fund, LP, seeking to take advantage of the significant discount between the net asset value and price of GBTC. Valkyrie Investments stated that as the new fund increases its holdings in GBTC, the company is very interested in realizing the true value of the underlying Bitcoin for investors.

Valkyrie also plans to improve several key methods of managing GBTC, such as timely submission of Regulation M filings, providing orderly redemptions at net asset value (NAV) for all investors needing to redeem; proposing a fee of 75 basis points, lower than the current 200 basis points; and attempting to offer investors Bitcoin and cash redemptions. Valkyrie Investments launched a publicly traded Bitcoin-related ETF in 2021, believing that the company has the capability to address the unique challenges and opportunities presented by GBTC. (Source link)

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