No respite during the holidays – As financial markets slumber this holiday season, some have taken the opportunity to launch a offensive noticed. No respite for the pastry chefs for the fund Valkyrie Investments which published a document between Christmas and New Year proposing to regain control of the bitcoin investment fund of Greyscale. This while responsible Grayscale Bitcoin Trust (GBTC) asked for nothing and that the price breaks the historical low ! Let’s go back to a surprising proposition.
Valkyrie Investment proposes recovery plan for bitcoin investment fund
the December 28, on the company website Valkyrie Investmentsa document was then made public by this investment specialist hybrid between traditional finance and digital resources. Based in Nashville, Tennessee, one of the great rivals of Greyscale he finally went on the offensive over the holidays and offered to become sponsors and manager from GBTC.
The detail of the press release for menu for what are they in the best position for this exercise and how much better they will do than theirs competitor. Selected pieces:
“We are well equipped to address the unique challenges and opportunities presented by GBTC. Our combination of technical and regulatory knowledge, as well as practical experience, makes us the perfect choice to take on this role. In light of recent events involving Grayscale and its family of franchisees, it’s time for a change. »
The last sentence obviously refers to the complicated situation that Digital currency group who owns it Greyscale. The parent company of the fund, in fact, suffers from serious financial problems following the bankruptcy of FTP extension.
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Grayscale’s GBTC ready to pass into the hands of a rival?
Before you even get an answer, Valkyrie created the Valkyrie Opportunistic Fund to take advantage of the next to massive increase in the GBTC and thus the difference between the net asset value (NAV) and the asset price. In fact, the GBTC price has moved further away 48% the price of BTC, which threatens the very sustainability of the structure.
Valkyrie declared aiming at an initial amount of 75 million dollars and has already presented three measures for Optimize the potential management of the fund, the main points of which are as follows:
- Allow investors to to redeem their shares at a fair price, without any delay or impediment;
- reduce fees at a fairer level that would be consistent with industry best practice;
- provide to investors ransom both bitcoin and cash for added flexibility.
The statement ends with a sentence that some may find provocative: “ we are committed to putting the interests of GBTC’s shareholders first and have the experience and expertise to do so effectively.” To believe that this was not the case for the teams of Greyscale ! We look forward to the response of the latter to know what they will think of the proposal. The year has definitely started badly for Digital currency group including another company, Genesis Global Capital, attracts the wrath of some crypto personalities.
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