Crypto asset manager Valkyrie Investments wants to sponsor and manage the Grayscale Bitcoin Trust (GBTC).
GBTC, the world’s largest Bitcoin fund, is currently trading at a record low price.
Valkyrie Investments Claims GBTC
The asset manager noted in a blog post published this week that he would like to sponsor and manage GBTC.
Valkyrie, one of Grayscale’s competitors, launched a Bitcoin trust and a Bitcoin-related ETF in 2021.
The Tennessee-based company has announced its plan to sponsor GBTC, the world’s largest Bitcoin fund.
Valkyrie’s plan seems difficult considering GBTC alone has over $10 billion in assets and Valkiyrie manages roughly $180 million in assets.
The company used the following statements in its statement:
“With the launch of GBTC, we understand that Grayscale plays an important role in the development and growth of the Bitcoin ecosystem. We respect the team and the work they do.
However, in light of recent events involving Grayscale and its affiliates, we see that it is time for a change.”