Busting the GBTC Trust with David Bailey - WBD655

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.


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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.