Valkyrie Investments, a Tennessee-based asset manager, has announced its intention to become the new sponsor of Grayscale’s Bitcoin Trust (GBTC). The company states that it is “uniquely qualified” for the role and plans to facilitate redemptions at net asset value (NAV) through a Regulation M filing.
Valkyrie Offers to Take Over Management of Grayscale’s Bitcoin Trust
Grayscale’s Bitcoin Trust (GBTC) has faced challenges in 2022, with the fund’s discount to net asset value (NAV) reaching record levels. Over the past six months, the spread between the fund’s value and NAV has increased by more than 35% by the end of Sept. 2022. As of Dec. 30, 2022, the discount has further widened to more than 45%. This means that the value of the bitcoin fund is currently lower than current BTC spot prices. Valkyrie wants to remedy the situation by taking over sponsorship and creating another fund.
“We understand that Grayscale has played an important role in the development and growth
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