Valkyrie Unveils Proposal for Grayscale’s Troubled Bitcoin Trust (GBTC)
- It is time for a change, Valkyrie says amid GBTC’s discount
- Valkyrie is looking for GBTC redemptions at net-asset value
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Valkyrie Investments is out with a proposal for a much larger rival product: to become the new sponsor and manager of the crypto industry’s largest fund, the Grayscale Bitcoin trust.
The Nashville, Tennessee-based asset manager, which oversees roughly $180 million, on Friday announced the launch of the Valkyrie Opportunistic Fund, which seeks to take advantage of the massive discount in Grayscale Investments’ $10.5 billion product (GBTC). The Valkyrie fund will be increasing its holdings of GBTC, allowing the company to realize “the true value of the underlying Bitcoin for our investors,” which it says is a goal it will actively pursue on their behalf, according to the company.