Marlton LLC, an investment management firm with a significant position in Grayscale Bitcoin Trust ([[GBTC]] -3.5%), encourages Grayscale Investments, the sponsor of the trust, to conduct a modified Dutch auction tender offer to address GBTC's significant discount to net asset value.Marlton estimates that discount to be more than $3.1B in total. "Given the estimated $600M in fees the sponsor collects every year, a true tender offer is the correct value creating initiative for GBTC stockholders," Marlton said."We believe a tender offer would materially narrow — if not eliminate — the discount to NAV, immediately offering stockholders confidence in the Sponsor's ability to manage the Fund's discount," Marlton said in its letter to Grayscale.Marlton criticizes prior efforts of the sponsor and parent Digital Currency Group to address the discount valuation: "On March 10, 2021, you announced a private placement suspension and parent Digital Currency Group's ("DCG") authorized purchase of up to