GBTC hostile take over

 GBTC short strategy-- 

GBTC is a company with assets (bitcoin) inside a trust- it is a business trust. The shareholders can dissolve this business trust and get access to the underlying bitcoin.  They can also elect a new trustee, decide to change (lower) the management fee because they tell the trustee (currently grayscale) what to do, not the other way around.  GBTC often trades at a discount. My short strategy if I was a hedge fund would be to do a leveraged buyout of GBTC so that you have enough voting power to fire grayscale as the trustee, appoint a new trustee, lower the fee and then eventually dissolve the business trust to get access to the underlying bitcoin. Before doing that, you can short bitcoin futures, then start buying up GBTC, then dump the bitcoin on the market when GBTC is dissolved. Buy back the futures at lower prices and then profit. 

I figured out that GBTC is just some business trust after reading a paper from Carla Reyes on business trusts. 

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3082915