Crypto asset manager Valkyrie Investments proposes to be GBTC manager

Crypto asset management firm Valkyrie Investments has proposed to be the sponsor and administrator of the Grayscale Bitcoin Trust (GBTC). At the same time, Valkyrie Investments announced the launch of the Valkyrie Opportunistic Fund, LP, which seeks to take advantage of deep discounts on the spread between GBTC NAV and price. Valkyrie Investments said that as the new fund accumulates GBTC, it is very interested in realizing the true value of the underlying Bitcoin for investors. Valkyrie also plans to improve several key methods of GBTC's current management, such as submitting Regulation M documents in a timely manner, providing all investors who need to redeem with the convenience of orderly redemption according to net asset value (NAV); it is proposed to charge 75 basis points, Below current 200 bps etc; try to offer investors bitcoin and cash redemption. Valkyrie Investments, launching a publicly traded bitcoin-related ETF in 2021, believes the firm is well-positioned to address the unique challenges and opportunities presented by GBTC.