“Where there’s smoke, there’s fire, and there’s so much fucking smoke at DCG you can’t breathe.”
— David Bailey

David Bailey is the co-founder & CEO of BTC Inc. In this interview, we discuss the upcoming Bitcoin Conference in Miami, the ongoing saga with Genesis, Grayscale & DCG, as well as the Redeem GBTC campaign that David has been spearheading.

- - - - 

Grayscale Bitcoin Trust (GBTC) is a trust product offered by Grayscale, a company owned by Digital Currency Group (DCG). GBTC allows investors to gain exposure to Bitcoin through more traditional investment channels, and currently, Grayscale manages approximately $18.1 billion across various funds.

However, Grayscale is facing some significant issues. Since early 2021, GBTC has been trading below its net asset value (NAV) at a discount rate of around -36%. GBTC holders are unable to redeem their shares for the underlying asset and must accept this discount if they want to sell their shares on the open market.

To address this, David Bailey has set up the Redeem GBTC campaign to push Grayscale to open withdrawals and allow GBTC holders to access the underlying Bitcoin with minimal impact on the Bitcoin market. Allowing redemptions could also potentially bring the heavy discount to NAV back closer to par.

- - - -

This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger - State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Unchained - Secure your bitcoin with confidence

-----

WBD655 - Show Notes

-----

If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:

Become a Patron and get access to shows early or help contribute

Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you

Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family

Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.