Hot News

Digital Currency Group Authorizes the Purchase of $1 Billion Worth of GBTC Shares

Digital Currency Group, the organization behind the world’s largest cryptocurrency asset manager, has decided to enhance its Bitcoin position by authorizing the acquisition of $1 billion more worth of shares of Grayscale’s Bitcoin Trust.

  • The press release dated October 20th reads that Digital Currency Group has upped its authorization from $750 million to $1 billion.
  • This means the company will more than triple its current position, which, as of October 19th, 2021, stands at $388 million worth of shares of GBTC.
  • The company plans to “use cash on hand” to fund the purchase and will make it on the open market, at management’s discretion, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934.
  • It’s worth noting, though, that the authorization doesn’t obligate DCG to make the purchase at any specific time, and it can be extended, modified, or discontinued.
  • DCG is the parent company of the largest digital asset manager Grayscale Investments, which has nearly $55 billion in AUM. Somewhat expectedly, the Bitcoin Trust is responsible for the largest share with over $40 billion.
  • Additionally, Grayscale is striving to convert its Bitcoin Trust into a spot Bitcoin ETF and has reportedly filed documents with the SEC to do so.
Read more:  Random Numbers Don’t Lie: A Closer Technical Look into Recent DeFi Hacks

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:

  • Digital Currency Group Authorizes the Purchase of $1 Billion Worth of GBTC Shares1Grayscale’s Spot Bitcoin ETF Incoming? Plans to File for Converting its Trust (Report)
  • Digital Currency Group Authorizes the Purchase of $1 Billion Worth of GBTC Shares2Strengthening the Bitcoin ETF Efforts: Grayscale Hires New Global Head of ETFs
  • Digital Currency Group Authorizes the Purchase of $1 Billion Worth of GBTC Shares3Wealthfront to Offer Cryptocurrency Exposure to its Clients Through Grayscale

Tags: Bitcoin Grayscale

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button