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.