Digital Currency Group will allocate $ 250 million for the purchase of Grayscale bitcoin traffic shares

Digital Currency Group (DCG) Barry Silbert announced his readiness to buy Grayscale Bitcoin Trust (GBTC) stocks for up to $ 250 million.

Digital Currency Group Announces Plan to Purchase Shares of Grayscale Bitcoin Trust (OTCQX: $ GBTC) https: // t.CO/HJPNJGKO1O

– Barry Silbert (@barrysilbert) March 10, 2021

Venturenaya company plans to implement the initiative in the open market.

Grayscale is a member of the DCG empire, which Messari analysts in November estimated at $ 4.3 billion.

The company emphasized that the decision to buy at any time can be https://gagarin.news/news/google-has-filed-a-patent-for-the-trademark-non-fungible-planet/ revised both in terms of terms and amounts, or completely withdraw it. Management will proceed from the free liquidity level, the price of the first cryptocurrency and developing conditions in the market.

Information about the purchase will be revealed in the report of GBTC in the form 10-K and 10-Q for the US Securities and Exchange Commission (SEC).

From February 23, GBTC shares are traded at a discount to the price of the first cryptocurrency. At the time of writing, it is 3.22%.

GBTC premium/discount dynamics to NAV. Data: YCHARTS.

Earlier, Arcane Research analysts explained the observed phenomenon, including the launch of similar products by competitors.

Recall that in February, Bitcoin Fund launched Blockfi, in January-Skybridge Capital; At the beginning of the year, such plans were also announced in Pantera Capital .

In Canada, a local regulator during February approved two applications for the launch of Bitcoin-ETF-from Purpose Investments and from Evolve Funds Group . In the first two days, the first of them attracted $ 421 million .

In the USA, applications for the ETF registration based on the first cryptocurrency in the SEC were submitted by Nydig, BitWise, Vaneck and Valkyrie Digital Assets . At the time of writing, the regulator did not approve of any of them.