How the GBTC premium trade ruined Barry Silbert, his DCG empire and took crypto lending platforms with them

Digital Currency Group was founded by Barry Silbert in 2015, who subsequently created the DCG empire by investing in hundreds of projects and companies.

However, the most important company within DCG’s portfolio is Grayscale Investments,  the largest holder of Bitcoin in the world, other than Satoshi Nakomoto.

GBTC holds the equivalent of 633K BTC, just over 3% of the Bitcoin circulating supply. The trust’s Net Asset Value (NAV) is roughly $10.5 billion at the time of writing.

The custody of the BTC is held with Coinbase Custody. However, Coinbase is yet to verify if they have control of the BTC. Yet, as Coinbase is traded as a public company in the U.S. and is therefore subject to audits, it like probable that the BTC is stored under standard practices.