) as the fund believes “Osprey is the best-positioned third party to manage GBTC at this point.” DCG is the parent firm of Grayscale, and Osprey is not the first digital currency fund to offer help; the Tennessee-based crypto asset manager Valkyrie Investments is also. Like Osprey, Valkyrie published an open letter to DCG stating that it is “uniquely qualified” for the role.
In its letter, Osprey detailed that if it were to take over GBTC’s management, it would change a few things associated with the Bitcoin Trust. “We would slash the management fee to 0.49% and clean up the expense structure of the fund, which contains significant conflicts of interest,” Osprey said on Friday. “We would also seek to implement a redemption program as soon as possible.
We would pursue a listing on NYSE immediately but from a position of collaboration with regulators. For example, we would not engage in any lawsuits against the SEC, but instead, would work directly with Congress to enlighten the SEC as to the rationale of approving the fund as an exchange-listed, ETP.
The company thinks that it is extending a hand in order to show continued commitment to shareholders. Osprey insists that DCG and Silbert should allow the fund to take over as soon as possible. “We urge you to install Osprey Funds as the sponsor of GBTC immediately, both to protect GBTC holders and provide confidence to the non-DCG-affiliated stakeholders of GBTC and Grayscale who have an interest in the preservation of value,” Osprey said.
Tron’s Justin Sun Offers to Invest $1 Billion in Digital Currency Group Assets Amid SEC Charges Against Gemini and Genesis
He offered ftx user's a hand to and did nothing
DeFi is making great strides in the crypto space and Justin Sun's offer to lend DCG a hand is a reflection of that. I'm excited to see how this project pans out! DeFi CryptoRevolution InnovativeFinance
SHIK
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