Valkyrie, one of Grayscale’s rivals, previously launched a bitcoin trust and a bitcoin-related exchange-traded-fund in 2021. As part of their plan to sponsor GBTC, the world’s largest bitcoin fund, the Tennessee-based company also announced the launch of a new fund, the Valkyrie Opportunistic Fund, LP that seeks to take advantage of GBTC’s discount to the value of its underlying bitcoin, the company said.
Valkyrie’s plan would be a tall order, considering that GBTC alone has over $10 billion in assets and Valkyrie only handles roughly $180 million in total assets. “We understand that Grayscale has played an important role in the development and growth of the bitcoin ecosystem with the launch of GBTC, and we respect the team and the work that they have done,” Valkyrie said. “However, in light of recent events involving Grayscale and its family of affiliated companies, it is time for a change.”In its proposal, Valkyrie said it wants to facilitate GBTC redemptions at net asset value for investors through a Regulation M filing.
Source: Digital Coin News (digitalcoinnews.net)
HeleneBraunn 6/ I like that company, read their report, structure..it was fairy tale to read after FTX success. 2 custody wallets. 'THE' BTC wallet, Sponsor or Greyscale responsibility. Other wallet, for quick liquidity. that wallet must have +100M$ any moment 5 days/week. Coinbase Respons
HeleneBraunn 5/ GBT on Dec 19' 2022 issued statement if they loose, or it will take more then reasonable amount of time converting GBTC to ETH, will find other options to return portion of capital to shareholders. GBT is willing to offer max 20% of outstanding shares.
HeleneBraunn 4/ Greyscale Digital Large Cup Fond beginning of Jul '22 sold 750'000'000$ of DOT UNI, LINK, LTC, BCH, SOL, and reinvest in BTC, ETH, AVAX, ADA. This fond is not like GBT, but have around 200M of assets. +200$M in outstanding shares, which DCG approved for purchase Mar'22.
HeleneBraunn 3/ Under the Trust Agreement, Shareholders have limited voting rights and the Trust will not have regular Shareholder meetings. Shareholders take no part in the management or control of the Trust. - Hard maybe? - If Valkyre means to do something 200$M? Better U-turn back
HeleneBraunn 2/ - On otherside in thier Q10 reports it's not the first something like this appear in. Quote: 'As the Sponsor and its management have limited history of operating investment vehicles like the Trust, their experience may be inadequate or unsuitable to manage the Trust.'.
HeleneBraunn 1/ - GBT have Sponsor, while do not have Manager - Greyscale Digital Large Cup Fond,have Manager, no Sponsor - Since Feb-03rd,2023 starts SEC court hearing, last chance to transfer GBTC shears to GBTC ETF - Maybe knows no ETF and fight with SEC. they are far far away from road
HeleneBraunn It's amazing to see the ever-growing adoption of Bitcoin! Changing the sponsor and manager of GBTC could be the key to unlock more institutional investments. hodl.
HeleneBraunn It's great news that Valkyrie Investments is taking the helm of the 1 crypto asset - GBTC. If they succeed in driving adoption of BTC, this could be a major step forward in mainstreaming crypto! HODL
HeleneBraunn This is great news! GBTC is the biggest Bitcoin Trust and it would be great to have a change in the management. It seems like HODLers are seeing a strong future for Bitcoin! crypto btc
HeleneBraunn Translation. They want the fees
HeleneBraunn Massive Round of $shib palliative shibaliquor is doing right now, Hurry
HeleneBraunn Fidelity should sponsor and manage GBTC.
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