James C. Elbaor, founder of Marlton LLC, joins Real Vision senior editor Ash Bennington to share his perspective on Grayscale and the activist campaign he is leading on Grayscale. Elbaor first explains how Grayscale works as a closed-end fund, and he breaks down how many shareholders who have a position in Grayscale’s Bitcoin Trust (GBTC) are not currently being served by its management. He dives into GBTC's history and how this situation has evolved, what he and Marlton are campaigning for, and what changes he’s pursuing that will be accretive to shareholders. Filmed on June 2, 2021. Key Learnings: Elbaor shares how Grayscale is evolving to become the Blackrock of crypto by providing different avenues to receive exposure to the space through closed-end funds. While supportive of Grayscale, he discusses how the fee structure associated with Grayscale's trust is becoming less cost-competitive and the management of GBTC has essentially allowed the fund to free fall. Believing that the fund needs to trade closer to its net asset value, he advocates for GBTC to adopt a modified Dutch auction tender to close its discount.