GBTC owner says not enough done to eliminate inventory discounts – suggests alternative

Marlton Partners, a Chicago-based private equity firm, urged Grayscale Investments to adopt a bid to auction the Netherlands' modified GBTC shares. According to Marlton, such an IPO "would significantly reduce the reduction in net asset value (NAV) – even if it does not eliminate it". This gives the shareholders confidence in the "ability of the project owner to manage the distribution of funds". Billions of depreciation Despite GBTC's competitive advantage as the world's largest bitcoin fund, GBTC shares continue to trade "with a significant reduction in net asset value". According to Marlton Partners, this reduction to net asset value "represents a loss of more than $ 3.1 billion in value for currently confident shareholders." Meanwhile, James C. Elbaor, Managing Director of Marlton Partners, in an open letter to Grayscale Investments management points out that current efforts to lift the discount are insufficient. To reinforce this argument, Elbaor highlighted the recent announcement of its intention to buy up to $ 250 million GBTC shares by Digital Currency Group (DCG). Elbaor said in the letter: While useful, as you acknowledge in your press release announcing the transaction, this promotion does not require DCG to purchase a certain number of shares within a set period of time and can be changed or changed without notice at any time. . was interrupted. According to Elbaor, the market reaction to DCG's announcement already proves the ineffectiveness of such an authorized acquisition. At the time of writing, the discount on GBTC stocks had increased to 11.45%. Takeover bid changed at Dutch auction Meanwhile, Elbaor claims that Marlton's takeover bid system "allows shareholders to sell their shares at a specified price". He says this can be done "within a given time frame for a price offered at a premium above the market price and depending on the minimum or maximum number of shares sold". Also, a clear approximation to prominent member Grayscale. Read more

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