Asset management company Valkyrie Investments announced its intention to sponsor and manage the Grayscale Bitcoin Trust (GBTC).
The firm announced the launch of the Valkyrie Opportunistic Fund, which will take advantage of the discount on GBTC and begin buying back its shares.
“We understand that Grayscale has been instrumental in the development and growth of the bitcoin ecosystem with the launch of GBTC, we respect the team and the work they have done. However, in light of recent events involving Grayscale and its subsidiaries, it is time for a change,” the company stated.
The company also released its recommendations for improving the foundation.
First, Valkyrie offered to redeem GBTC at net asset value (NAV), through timely filings in accordance with Regulation M. This way, investors can redeem their shares at a fair price.
Second, the company believes that the GBTC fee should be reduced from 200 basis points to 75.
Third, Valkyrie proposes to redeem payments in both bitcoin and cash.