The blockchain investment firm said it will buy the GBTC shares on the open market.
Cryptocurrency and blockchain-focused investment firm Digital Currency Group (DCG) is to put as much as $250 million into shares of the Grayscale Bitcoin Trust (OTCQX: GBTC), its subsidiary’s flagship product.
- In an announcement Wednesday, DCG – which is also the parent company of CoinDesk – said it will be buying GBTC shares on the open market.
- The firm plans to use cash on hand to fund the purchases, which it said will be made in compliance with Rule 10b-18 of the Securities Exchange Act of 1934.
- “The actual timing, amount, and value of share purchases will depend entirely upon a number of factors, including the levels of cash available, price, and prevailing market conditions,” said the company.
- The Grayscale Bitcoin Trust launched in 2013 is the world’s largest bitcoin fund, offering investors the opportunity to gain exposure to the leading cryptocurrency.
- According to its latest figures, Grayscale currently has $42.1 billion in net assets under management across all its cryptocurrency trusts and funds.
By: Tanzeel Akhtar