Busting the GBTC Trust with David Bailey - WBD655
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 8 May 2023
⏱️ 62 minutes
🧾️ Download transcript
Summary
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.
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Transcript
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| 0:00.0 | You know where there's smoke there's fire and like there's so much |
| 0:07.0 | fucking smoke at DCG you can't breathe. |
| 0:09.4 | Hello there how are you all you doing well? I'm out here in Miami. It is beautiful. |
| 0:14.7 | I cannot wait for the conference to start. Hopefully I'm going to see all of you soon here. |
| 0:18.7 | Also, are you coming to our live event? Come on, we've got Linalden and Jess Snyder together. |
| 0:24.0 | Come and check it out. If you want to get a ticket head over to what Bitcoin did |
| 0:27.0 | dot com click on w w w w w bd live. Anyway, welcome to the what Bitcoin did |
| 0:31.5 | podcast which brought to you by Iris Energy, the largest |
| 0:34.5 | NASDAQ listed Bitcoin miner using 100% renewable energy. |
| 0:38.1 | I'm your host Peter McCormack and today I've got the legend David Bailey, the CEO of |
| 0:42.2 | BTC Inc on the show, the man behind |
| 0:44.7 | Bitcoin magazine and Bitcoin 2023, the conference here in Miami, that kicks off in 10 days. |
| 0:50.1 | Now David has been running the Redeemed BTC campaign who are a group of GBTC shareholders |
| 0:56.1 | interested in trying to figure out a path to redemption and generally ensure the trust is |
| 1:00.8 | being run in the right way. So obviously in this interview, |
| 1:04.1 | following my interview with Michael Sunershine, we had to get into GBCC. We had to get |
| 1:08.6 | into Genesis, but we also had to talk about the Bitcoin conference. Now I hope |
| 1:12.0 | you enjoy this you can |
| 1:12.8 | any questions about this or anything else you know what to do you can hit me up |
| 1:15.3 | hello what Bitcoin did.com. David Bailey how are you man? Good |
| 1:21.6 | thank you for having me on the show. Any time. Anytime I fly into Miami tomorrow |
| 1:27.8 | Okay, I like I like it. Yeah building the hide I and well, I'm gonna go go to the F1 and then I'm going to have a week off. |
... |
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