, 2022-12-30 17:02:04,
Valkyrie Investments has laid out a proposal to take up the reins of troubled bitcoin trust GBTC.
“We understand that Grayscale has played an important role in the development and growth of the bitcoin ecosystem with the launch of GBTC, and we respect the team and the work that they have done,” Valkyrie’s co-founder and CIO, Steven McClurg, said in a statement posted to the company’s website. “However, in light of recent events involving Grayscale and its family of affiliated companies, it is time for a change. Valkyrie is the best company to manage GBTC to ensure its investors are treated fairly.”
McClurg told Bitcoin Magazine that the proposal would be for current GBTC shareholders to vote on via proxy. If chosen by the shareholders, Valkyrie would become the sponsor.
The process isn’t as straightforward as it seems, however. As highlighted on a Bloomberg report, “Grayscale filings state that shareholders take no part in the management or control of the trust, and have limited voting rights. In addition, no amendments to the trust agreement that could materially affect the interests of shareholders can be made with a vote of at least a majority — meaning 50% — of the shares.”
McClurg explained to Bitcoin Magazine that Valkyrie is aware of those issues, 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…
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