Digital Currency Group Approved to Buy $1 Billion worth of GBTC Shares

Digital Currency Group, the organization behind the world’s largest cryptocurrency asset management company, has decided to strengthen its Bitcoin position by approving a $1 billion+ grayscale acquisition of Bitcoin Trust.

According to an October 20 press release, Digital Currency Group has increased the amount of approval from $750 million to $1 billion. This means that the company’s current position is worth $388 million in GBTC shares as of October 19, 2021. The Company plans to “use cash” to finance its purchases and will be conducted in the open market at the discretion of management under Section 10b-18 of the Securities Exchange Act of 1934. However, it is important to note that approval does not force DCG to make a purchase at a specific time and may be extended, modified or suspended. DCG is the parent company of Grayscale Investments, the largest digital wealth management company with nearly $55 billion in wealth management. Somewhat unexpectedly, the Bitcoin Trust took the largest share, surpassing $40 billion. Grayscale is also reportedly working to convert a bitcoin ​​trust to a spot bitcoin ​ETF and has filed documents with the U.S. Securities and Exchange Commission (SEC).

Updated October 19th and 21st: Net assets under management, holdings per share and market price per share of our investments.

Total assets under management: US$54.3 billion BTC $BAT $BCH $LINK $MANA $ETH $ETC $FIL $ZEN $LTC $LPT $XLM $ZEC $UNI $AAVE $COMP $CRV $MKR $SUSHI $SNX $YFI $ UMA $BNT $ADA $SOL pic.twitter.com/gpLnx7ZdtV

– Grayscale (@Grayscale) October 19, 2021

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Information Source: Compiled by CRYPTOPOTATO with 0x information. The copyright belongs to the original author, and unauthorized reproduction is prohibited.

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