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Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) announced an internal corporate reorganization of its sponsor, Grayscale Investments Sponsors, LLC, was completed on Wednesday. According to a statement in a SEC filing, the reorganization involved GSO Intermediate Holdings Corporation transferring a portion of its common membership units of Grayscale Operating, LLC in exchange for Class A shares of Grayscale Investments, Inc., a newly incorporated Delaware corporation.
As a result of the transaction, Grayscale Investments, Inc. is now the sole managing member of Grayscale Operating, LLC, which remains the sole member of Grayscale Investments Sponsors, LLC. The sponsor continues to oversee the trust.
In connection with the reorganization, DCG Grayscale Holdco, LLC, the sole stockholder of Grayscale Investments, Inc., elected a new board of directors for Grayscale Investments. The board comprises Barry Silbert (Chairperson), Mark Shifke, Simon Koster, Peter Mintzberg, and Edward McGee. These directors previously served on the board of GSO Intermediate Holdings Corporation. Mintzberg and McGee also retain their authority as officers of the sponsor.
All of the involved entities—DCG Grayscale Holdco, Grayscale Investments, GSO Intermediate Holdings Corporation, Grayscale Operating, LLC, and Grayscale Investments Sponsors, LLC—remain consolidated subsidiaries of Digital Currency Group, Inc.
The company stated in the SEC filing that it does not expect the reorganization to have any material impact on the operations of the trust.
This information is based on a press release statement included in the Form 8-K filing with the Securities and Exchange Commission.
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