DCG Authorizes $750 Million In GBTC Purchases As Discount Persists

DCG Authorizes $750 Million In GBTC Purchases As Discount Persists

Grayscale’s parent company authorized up to $750 million in GBTC purchases as the trust’s shares continue to trade at a discount to NAV.Earlier today, Digital Currency Group, the parent company of Grayscale Investments, announced that it had authorized up to an additional $750 million worth of the Grayscale Bitcoin Trust (GBTC) to be purchased by the company. This is an increase of $500 million compared to an authorization by DCG announced last month. As of April 30, the parent company has purchased $193.5 million worth of GBTC shares, in an apparent attempt to bring the discount between....


Related News

Discount on Grayscale’s GBTC Plunges to New Record Low as Competition From Em...

The premium on Grayscale Investment’s GBTC, which turned negative for the first time on February 23, is continuing its downward slide. As the latest Glassnode data shows, the GBTC was trading at a record low discount of -11.92% on March 4, 2021. According to the same data, this new low is a significant reversal from the December 21 premium of nearly 40%. The Competition This growth in the discount on GBTC comes as Grayscale Investments gradually shifts focus to altcoins. As reported by news.Bitcoin.com, Grayscale added 174,000 litecoins or almost 80% of the newly minted LTC in....

Grayscale parent Digital Currency Group plans to buy $250M of its own GBTC sh...

In a further sign of a shake-up in the institutional market, DCG is eyeing the purchase along with hiring ETF specialists. Cryptocurrency asset manager Grayscale has a new buyer of shares in its Grayscale Bitcoin Trust (GBTC) — its owner.In a press release on March 10, Grayscale parent company Digital Currency Group (DCG) announced plans to purchase up to $250 million of GBTC shares.GBTC to buy "up to $250 million" in sharesThe move, which comes amid volatile conditions for GBTC, follows plans to hire specialists in the exchange-traded fund (ETF) sphere, signaling a potential....

Grayscale parent firm DCG to expand GBTC buy limit by $500M

Digital Currency Group has purchased a total of $194 million worth of GBTC shares so far. Digital Currency Group, the parent company of digital asset manager Grayscale Investments, is now authorized to purchase up to $750 million worth of shares of Grayscale Bitcoin Trust.The company announced Monday that DCG increased its prior authorization to buy up to $250 million worth of GBTC shares by an extra $500 million.The share purchase authorization does not obligate DCG to acquire any certain amount of shares in any period, and it may be expanded, modified or discontinued at any time, DCG....

Record GBTC discount may spark $100K Bitcoin price rise — analyst

History repeating itself have the potential to spark a 2-4X BTC price run, data covering the GBTC premium suggests. Bitcoin (BTC) could be in for a $100,000 bull run next if a classic signal from institutions repeats its historical trend.In a tweet on March 4, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that those seeking clues about what lies next for Bitcoin should look at the Grayscale Bitcoin Trust (GBTC).Negative premium "could signal march to $100,000"As Bitcoin fell to $43,000 and continued to linger below all-time highs thereafter, the so-called....

GBTC Holder Says Not Enough Being Done to Eliminate Discount on Shares— Propo...

A privately-held investment firm from Chicago, Marlton Partners, has urged Grayscale Investments to embrace the modified Dutch auction tender offer for GBTC shares. According to Marlton, such a tender offer “would materially narrow — if not eliminate — the discount to net asset value (NAV).” This, in turn, offers stockholders confidence “in the sponsor’s ability to manage the fund’s discount.” Billions in Lost Value Despite GBTC’s competitive advantage as the world’s largest bitcoin fund, GBTC shares continue to trade “at a....