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Valkyrie Wants To ‘Manage and Sponsor’ Grayscale’s GBTC

Valkyrie Investments said it has a proposal for Digital Currency Group’s struggling Grayscale Bitcoin Trust and that it's ready to become a "sponsor and manager" of the fund.

“We are well-equipped to handle the unique challenges and opportunities presented by GBTC," the company said in a statement on Dec. 28. "Our combination of technical and regulatory knowledge and hands-on experience makes us the ideal choice to take on this role.”

The firm also said it formed Valkyrie Opportunistic Fund, LP to capitalize on “the massive discount in the spread between the NAV [net asset value] and price of GBTC.” A Valkyrie spokesperson told The Block that it's targeting an initial $75 million.

The fund will be used to increase GBTC holdings to realize “the true value of the underlying bitcoin for our investors,” according to the statement.

(by Jeremy Nation)

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