GBTC shares jump 12%, narrowing discount to 38% News ▸ Bitcoin ▸ Bear Market
GBTC shares jump 12%, narrowing discount to 38%
Bitcoin Magazine CEO David Bailey has started a campaign labeled "redeem GBTC" to reduce GBTC's 2% management fee.
1 min read
Updated: Jan. 10, 2023 at 5:19 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Grayscale’s Bitcoin Trust (GBTC) shares rose 12% on Jan. 9 to $9.65 and narrowed the discount to its net asset value to 38.55% — its largest one-day increase since February 2022, according to YCharts data.
Bitcoin Magazine CEO David Bailey has started a campaign labeled “redeem GBTC.”
The campaign’s goal is to reduce GBTC’s 2% management fee, find a credible path to creating redemptions that minimize the impact on Bitcoin and find new sponsors for the trust.
Bailey tweeted Jan. 9 that the campaign has heard from 2,000 investors, representing 25% of GBTC shares. He said interest in the campaign is high and that it has received institutional support.
Community fears around GBTC heightened following its shares trading at a record discount of 50% in December. Speculations about the financial health of its parent company, Digital Currency Group (DCG), grew following recent events in the crypto space.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
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Digital Currency Group’s mission is to accelerate the development of a better financial system.
