Valkyrie, a Tennessee-based asset manager, has announced its intention to become the new sponsor of Grayscale's Bitcoin Trust (GBTC).
about Valkyrie’s intentions. “Valkyrie is launching the Valkyrie Opportunistic Fund in an effort to become the new sponsor of GBTC and facilitate redemptions at NAV and for a fee of 75bps,” Balchunas tweeted. “Long shot but speaks to growing pressure.”Facilitate orderly redemptions at net asset value for all investors who want it through a timely Regulation M filing. This will ensure that all investors have the option to redeem their shares at a fair price, without any delays or obstacles.
Lower the fees to a more equitable level, in line with best industry practices. We propose a fee of 75 basis points, which is significantly lower than the current rate of 200 basis points. Attempt to offer redemptions in both bitcoin and cash for investors. This will give investors greater flexibility and choice when it comes to redeeming their shares.
Valkyrie’s offer comes at a time when Grayscale’s parent firm Digital Currency Group has been having issues with its subsidiary Genesis Global Capital. In mid-November, Genesis’ lending arm
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