Valkyrie aims to rescue Grayscale’s Bitcoin Trust

Dec. 30, 2022 at 10:00 pm

By Mike Dalton

Valkyrie Investments announced in a Dec. 28 statement that it has submitted a proposal to become the sponsor and manager of Grayscale’s Bitcoin Trust.

Grayscale BTC (GBTC) is among the largest Bitcoin investment funds, valued at 643,572 BTC ($10.6 billion) at present. However, the fund is also in trouble: in December, GBTC traded at 50% less than the value of the Bitcoin that it holds.

Valkyrie suggested that it plans to improve upon Grayscale BTC with various changes. It says that it aims to offer orderly redemptions at net asset value (NAV), allowing customers to withdraw their funds at a fair value without any issues. The company also aims to reduce GBTC fees and offer redemptions in both Bitcoin and cash

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