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.
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.
