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TimeStamps:
00:00 Intro
00:25 What is Grayscale?
01:26 Grayscale’s ‘Tender Offer’ Explained
04:08 Will Genesis Bankruptcy Affect GBTC?
05:19 Binance.US Agrees to Buy Voyager’s Assets for $1.02B
06:06 Bank of Italy Using Algorand Blockchain for THIS!
07:24 Yuga Labs New CEO From Gaming Giant Activision Blizzard
08:09 What if Bitcoin Never Recovers?
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Grayscale CEO this morning has put the Crypto World on notice and has given an Update on the looming Genesis bankruptcy What happens if their Bitcoin spot ETF Dreams fail as well as the big question What if Bitcoin never recovers what Happens if Bitcoin never recovers stay Tuned for this full clip check the Timestamps but let's go over exactly What we know According to their CEO if grayscale's Bitcoin ETF dreams fail The Firm may try A tender offer and just as a reminder Grayscale is a trust that buys Bitcoin And then Wall Street investors can then Buy shares in that trust more Traditional investors may like this Because then they don't have to worry About custody they can just buy a ticker So again grayscale buys the Bitcoin and Investors can buy shares in the trust Right now there's an almost Unprecedented discount of 50 off buying Through grayscale meaning essentially Buy one Bitcoin get the next Bitcoin Free and This concerns people now on top Of that as we discussed in yesterday's Video grayscale Investments which Manages gbtc and Genesis a company with A 1.5 billion dollar hole thanks to FDX We don't know if they're going to Declare bankruptcy yet are both owned by Digital currency group this raises Questions because of this affiliation is
Grayscale about to go belly up the CEO Address says that point blank but the New information is that if grayscale's Bitcoin ETF dreams fail The Firm may try A tender offer a tender offer would make A direct appeal to shareholders to sell Or Tender their shares at a specific Price during a certain time these Options could include a tender offer for Up to 20 percent of the outstanding Shares of the 10.7 billion dollar trust For a 90-second explanation let's go to The CEO himself we've discussed some of This already but listen to this full Clip well grayscale Investments made Headlines this morning after pledging to Explore a tender offer for a portion of The shares of its Bitcoin fund should Its conversion to an ETF not go through Grayscale investment CEO Michael sun and Shine is joining me now to discuss Um so this is a pretty big deal that you Guys are doing this so just to give Viewers a little bit of History you Applied to the Securities and Exchange Commission to convert your trust into an ETF that request was rejected earlier This year you file old suit so you're Still pushing to get that done yes so This is sort of a contingency plan but Talk to me about what's behind the Decision and how it would work well so We have been focused on creating a Bitcoin ETF going all the way back to
2013. that's how we initially structured Grayscale Bitcoin trust it's always been Our mission and the full resources of The firm are still behind that Initiative we filed for a Bitcoin ETF in 2017. the SEC wasn't ready for it gvtc Has continued to grow and expand it's Now the world's largest Bitcoin Investment vehicle this past summer the SEC denied our ETF application to your Point we filed the lawsuit right away And that's that's a reflection of us as A business we're prepared for all Outcomes and so moving forward even Though yes now we are in the middle of Litigation and we believe strongly in Our arguments their Common Sense legal Arguments that we think will will be Appealing to the courts ultimately if we Exhaust all of our options in the Judicial system we want our investors to Know that we're prepared for that Outcome as as well and would explore a Tender offer at that time and so the Tender offer would effective ly that for 20 percent of shares you would offer to Buy them back The specifics of the tender offer would Need SEC approval and shareholder Approval so it's tough to speculate on The exact mechanisms and exact pricing But at this time we expect that it would Be for up to 20 of the outstanding Shares
Now how this affects you and the reason Son and Sheen the CEO made this Announcement to investors it's because People are scared he's attempting to Quell the fears of gbdc investors Because post FTX parent company dcg said It owes Genesis around 1.7 billion Dollars through two loans I mean there's Also concern because of the fall from FTX which then has spread to an entity Also owned by your parent company dgc I'm talking about Genesis which has a Hole that it is now trying to fill There's also concern about potential Spillover for gray Scout which again is Again under the same umbrella entity Although separate what do you say to Investors who concerned about that you Know it's such a good question Julia I'm Glad you bring it up because I addressed This in our lead in the letter I put out To shareholders today all of the assets Underpinning our products are safe Secure accounted for and unencumbered And it's important to know for investors That when you're a shareholder in any One of these products those assets Belong belong to that product and you as A shareholder own the assets of that Product so these are separate and Distinct entities that have no you know Direct tie or impacted by any other Entities that are affiliated with Grayscale or anywhere under the dcg
Umbrella So he says that grayscale is a separate Entity and even though grayscale is Owned by digital currency group they Have their own assets their own numbers They're fine what happens if Bitcoin Never recovers I'll save that clip for You till the end but breaking news as of This morning binance us agrees to buy Voyager's assets for 1.02 billion Dollars so binance us to the rescue the Bid represents the fair market value for Voyager's cryptocurrency portfolio which Has a current market value of 1.002 Billion plus an additional consideration Of 20 million in incremental value now What does this mean for you if you had Money in Voyager well in a direct Statement from them they say the binance US bid aims to return crypto to Customers in kind in accordance with Court approved disbursements and Platform capabilities so they will Continue to go through the bankruptcy Court system but they won't return as Much funds as possible to platform users Next up big news if you hold Al Grant The bank of Italy Taps algor and Blockchain platform for their digital Securities project so in other words the Bank of Italy has selected algorand to Serve as its public blockchain platform The platform due to launch next year Will be the first time an EU member
State has used blockchain technology for Bank and insurance guarantees huge Signal that this technology is here to Stay This project is part of Italy's Post-covered National Recovery and Resilience plan nrrp And the EU allocated roughly 200 billion Dollars to Italy to be used for Co-grants and co-loans it is expected That a significant percentage of bank And insurance guarantees will leverage Digital Ledger Technologies as part of Italy's nrrp so this should be some Great usage for the algora network and In a direct quote from Italy we selected Algrand because of its unparalleled Level of innovation and security among Permissionless DLT distributed Ledger Technologies as well as because of its Leadership and its sustainability our Goal is to help Italy not only recover From the economic impact of kova 19 but Also Excel through Innovation and Leadership big news in the crypto gaming World board ape Creator Yuga Labs nab's New CEO from gaming giant Activision Blizzard So Daniel Allegra is the new CEO of ulabs his new gig was revealed This morning less than 72 hours after it Was announced that he was stepping down From his position as president and CEO Of Activision Blizzard so even though We're in a bear Market we're seeing more
And more major players from web 2 now Entering into web 3. by the way be sure To join us at bitcoin2023 the largest Crypto conference in existence so much Fun it will be in Miami Beach in 2023 And use code altcoin daily for 10 off Your ticket link down below what happens If Bitcoin never recovers Julie I have Been in crypto now for nine years and Although there is a lot of mistrust in The system at the moment I've never been More confident in the staying power of The summer class really 100 how so when I mean when you I mean because the the Value of the asset is based upon the Perception of its value the perception Now is pretty bad mm-hmm What would you say about tech stocks That have fallen ninety percent from Their all-time highs you know that are Now those companies are facing layoffs They're you know shedding business lines Etc there's not a ton of confidence in Them either no but there's a use case There they actually make stuff and do Stuff whereas Bitcoin still its use case I think is still questionable at this Point Bitcoin is solidified at least one Use case and that says digital gold that Is a narrative around Bitcoin that has Been there that will continue to be There ultimately whether Bitcoin is able To achieve other use cases that are Commonly known and commonly accepted as
A payment rail or other use cases still Yet to be determined Um time will tell but certainly The Narrative around digital gold Non-sovereign Assets in an environment Where a lot of people around the world Are being directly harmed by the actions Of their governments and the ways that They control their currencies Bitcoin as A store of value a digital gold for the Digital age is certainly a narrative That's here to stay as you say time will Tell Foreign
