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

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

Digital Currency Group, the group behind the world’s largest cryptocurrency asset supervisor, has determined to improve its Bitcoin place by authorizing the acquisition of $1 billion extra price of shares of Grayscale’s Bitcoin Trust.

The press launch dated October twentieth reads that Digital Currency Group has upped its authorization from $750 million to $1 billion.
This means the firm will greater than triple its present place, which, as of October nineteenth, 2021, stands at $388 million price of shares of GBTC.
The firm plans to “use cash on hand” to fund the buy and can make it on the open market, at administration’s discretion, in compliance with Rule 10b-18 underneath the Securities Exchange Act of 1934.
It’s price noting, although, that the authorization doesn’t obligate DCG to make the buy at any particular time, and it may be prolonged, modified, or discontinued.
DCG is the mum or dad firm of the largest digital asset supervisor Grayscale Investments, which has almost $55 billion in AUM. Somewhat expectedly, the Bitcoin Trust is liable for the largest share with over $40 billion.
Additionally, Grayscale is striving to convert its Bitcoin Trust right into a spot Bitcoin ETF and has reportedly filed paperwork with the SEC to achieve this.

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