Like Valkyrie, Osprey has called on Grayscale to step down as sponsor and put itself forward as a replacement. In an, Osprey CEO Greg King promised to cut the management fee by 75 percent, seek immediately to implement a redemption program, and collaborate with regulators instead of pursuing litigation.
In the meantime, the situation threatens to devolve into a mud-slinging contest, says Parish, as Grayscale tries to ride out this difficult period. Sonnenshein contests the idea that activating redemptions would trigger a customer exodus, arguing that the “regulated, battle-tested” ETF structure will attract an even larger audience and an even greater amount of capital into bitcoin. He also says that converting the trust into an ETF has been the plan from the outset. “This is something that investors want and deserve,” he says.
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