THE HASH: Genesis Faces ‘Hundreds of Millions’ in Losses and Three Arrows Capital’s Troubles Deepen
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 30 June 2022
⏱️ 27 minutes
🧾️ Download transcript
Summary
The most valuable crypto stories for Thursday, June 30, 2022.
"The Hash" team discusses today's top stories including Grayscale's lawsuit against the U.S. Securities and Exchange Commission over its bitcoin spot ETF rejection and Genesis's ginormous loss, partly due to Three Arrows Capital exposure.
This episode was edited by Eleanor Pahl and our executive producer is Jared Schwartz. Our theme song is “Neon Beach.”
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Transcript
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| 0:00.0 | This is the hash podcast. |
| 0:10.0 | Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more, with stories that matter to the crypto world. |
| 0:17.3 | All on the hash for your ears. |
| 0:20.5 | You're listening to the Coin Desk Podcast Network. |
| 0:24.8 | Hello and welcome to CoinDest TV. I am Zach Seward and you are watching The Hash. |
| 0:30.3 | If you're listening, you're listening on the Coin Desk Podcast Network and that's cool too. |
| 0:34.3 | Thanks for being here. We're joined today by George, Sondali, and Jen. |
| 0:38.5 | George is going to start us off. Pretty crazy night last night on the news front. And he's going to lead us off with a major development with Grayscale's own advice to DCG, which means they have the same parent company as CoinDisc, but that doesn't mean I can't tell you about some bad news about them. |
| 0:57.1 | Now, it doesn't. |
| 0:58.1 | Anyway, so Grayscale has this financial vehicle called GVTC, and what it's supposed to do is give |
| 1:03.8 | investors price exposure to Bitcoin. |
| 1:05.9 | It was, and it is very critically not an ETF, right? |
| 1:09.3 | That's an important distinction. It holds actual Bitcoin in a trust on behalf of investors for a fee. |
| 1:14.6 | In the early days, when there weren't any products like it, GBT, traded in a premium |
| 1:17.6 | to the price of Bitcoin, which means you had to pay more than the Bitcoin's orders |
| 1:21.5 | so you can have in this product that's sort of kind of traded like a stock. |
| 1:24.6 | Fast forward to now, we have a bunch of other types of Bitcoin ETFs in places like Canada and Europe, and we have this futures-based ETF in the US. |
| 1:31.5 | But what we don't have yet is a spot Bitcoin ETF. In plain English, we do have this Bitcoin |
| 1:36.6 | in the United States that requires fancy financial contracts, futures, to mimic the price |
| 1:41.2 | of Bitcoin instead of them just holding the Bitcoin in spot to mimic |
| 1:44.2 | the price of Bitcoin. Seems silly, right? So Grayscale is like, hey, SEC, we have this trust |
| 1:49.2 | thing called GBT. It holds Bitcoin. It's kind of like an ETF, but it isn't actually an |
... |
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