Marlton Issues Statement Regarding Grayscale Bitcoin Trust (GBTC) Latest Announcement

CHICAGO, May 3, 2021 /PRNewswire/ — 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.


All statements contained herein that are not clearly historical in nature or that necessarily depend on future events are “forward-looking statements,” which are not guarantees of future performance or results, and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “will,” “opportunity,” “estimate,” and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained herein that are not historical facts are based on current expectations, speak only as of the date hereof and involve risks that may cause the actual results to be materially different. Certain information included in this material is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should not be relied upon as an accurate prediction of future results.  Marlton disclaims any obligation to update the information herein and reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Past performance is not indicative of future results. Marlton has neither sought nor obtained the consent from any third party to use any statements or information contained herein that have been obtained or derived from statements made or published by such third parties. Except as otherwise expressly stated herein, any such statements or information should not be viewed as indicating the support of such third parties for the views expressed herein.


Related Links