Marlton LLC, an investment firm based in Chicago, which hodls trust shares of Grayscale Bitcoin Trust (GBTC), says the cryptocurrency asset manager has done little to increase shareholder value, Bloomberg has learned, citing a letter that Marlton LLC sent to the board of Grayscale.
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James Elbaor, Managing Partner of Marlton, said in the letter the firm is "frustrated" that the board might allow management to squander the company’s leading market share to the detriment of GBTC stockholders, whilst "simultaneously rewarding yourselves handsomely with a profligate, market-leading, 2% management fee."
"Marlton and other stockholders will not tolerate such clear destruction of stockholder value," Elbaor added.
Elbaor also said "aggressive competition" from other cryptocurrency-oriented companies like NYDIG, Galaxy Digital and BlockFi, "threatens GBTC’s dominant U.S. market position."
Marlton's statement comes after Grayscale announced it remains committed to converting GBTC into an exchange traded fund (ETF). However, the company emphasized the timing will be driven by the "regulatory environment." At the press time, GBTC premium is at -8.52, according to YCharts.
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