• Valkyrie Investments has proposed to take up the reins of troubled bitcoin trust GBTC.
• Valkyrie is aware of the issues with the trust agreement and has planned ahead.
• Valkyrie’s first action if they become the sponsor and manager of GBTC would be to file for Reg M exemption.
Valkyrie Investments is making a move to take up the reins of the troubled bitcoin trust GBTC. The proposal would be for current GBTC shareholders to vote on via proxy, and if chosen, Valkyrie would become the sponsor. Despite the limitations on voting rights, Valkyrie is aware of the issues with the trust agreement and has planned ahead.
The co-founder and CIO of Valkyrie, Steven McClurg, released a statement on the company’s website, expressing respect for the team that has worked on the development and growth of the bitcoin ecosystem with the launch of GBTC. However, he believes that a change is necessary given the recent events involving Grayscale and its affiliated companies.
McClurg told Bitcoin Magazine that Valkyrie is aware of the issues with the trust agreement, and has planned ahead. He declined to comment on any specifics of what that plan might entail, but hinted that this wouldn’t be their first time achieving such a goal. When it comes to the plans for after an eventual takeover, McClurg has it laid out.
The first action Valkyrie would take in the event that it becomes GBTC’s sponsor and manager would be to “immediately file for Reg M exemption,” the executive explained. This would allow the trust to offer shares to the public and trade shares on the secondary market, and it’s an important step for the trust to become compliant with the Securities and Exchange Commission’s requirements for a publicly traded fund.
McClurg is confident that Valkyrie is the best company to manage GBTC to ensure its investors are treated fairly. They have the experience and knowledge to take on the responsibility and make sure that the trust is compliant with all the necessary regulations. He believes that this will help to protect the trust and its investors, and to ensure its long-term success.