Marlton, LLC (“Marlton”), an investment management firm that holds a significant and long-term position in shares of Grayscale Bitcoin Trust (OTCQX:GBTC) (“GBTC” or the “Fund”), today commented on the decision by Digital Currency Group, Inc.’s (“DCG”), the parent company of Grayscale Investments, LLC, to authorize the purchase by DCG of up to a total of $750 million worth of shares of GBTC.
“We support this action by DCG and believe it represents a more constructive approach to alleviating the dramatic discount between the market price of GBTC shares and net asset value,” said James C. Elbaor, Managing Member of Marlton. “We continue to believe GBTC maintains a competitive advantage as the world’s largest Bitcoin fund, and appreciate that GBTC has recognized the need to take meaningful steps that are aligned with stockholder value creation and ensuring the best path forward.”
This latest action follows Marlton’s recent call for DCG and the Board to conduct a meaningful Modified Dutch Auction Tender Offer for GBTC shares.
About Marlton, LLC
Based in Chicago, Marlton, LLC is a privately-held investment firm and family office run by James C. Elbaor. The firm has a demonstrated track record of success in investing in closed-end funds and it acquires significant ownership positions in companies and other assets where it believes long-term value can be enhanced through active ownership. Mr. Elbaor holds a B.A. from New York University and an M.B.A. from Columbia University.