• Valkyrie Investments has proposed taking over the reins of troubled bitcoin trust GBTC.
• Current GBTC shareholders would vote on the proposal via proxy.
• If chosen, Valkyrie would become the sponsor and would immediately file for Reg M exemption.

Valkyrie Investments has proposed a new plan to take over the reins of the troubled bitcoin trust GBTC. The proposal would be for current GBTC shareholders to vote on via proxy. If chosen by the shareholders, Valkyrie would become the sponsor and would immediately file for Reg M exemption.

Grayscale has been a leader in the development and growth of the bitcoin ecosystem since the launch of GBTC, and Valkyrie has expressed its respect for the team and the work they have done. However, recent events involving Grayscale and its affiliated companies have led Valkyrie to believe that a change is necessary. Valkyrie’s co-founder and CIO, Steven McClurg, has stated that his company is the best choice to manage GBTC and ensure that its investors are treated fairly.

McClurg has revealed that there are certain issues with the current GBTC trust agreement which do not allow for any amendments to be made with a majority vote of the shares. However, Valkyrie has a plan in place to address this. Though McClurg declined to comment on specifics, he did hint that this would not be the first time the company has achieved such a goal.

If Valkyrie were to become GBTC’s sponsor and manager, McClurg has made it clear that the first action taken would be to file for Reg M exemption. This would allow for the trust to be more accessible to retail investors, as well as providing a wider range of investment opportunities for those already invested.

At the end of the day, it is up to the current GBTC shareholders to decide if Valkyrie will take the reins. If chosen, Valkyrie will be poised and ready to take over and ensure that GBTC investors are treated fairly.