In a press release dated 10… In March, parent company Grayscale Digital Currency Group (DCG) announced plans to buy up to $250 million worth of GBTC shares.
GBTC buys up to $250 million worth ofshares
The move, which comes amid volatility for GBTC, follows plans to hire exchange-traded fund (ETF) specialists, a sign of potential diversification for the company.
According to the press release, the DCG has authorized the company to purchase shares of Grayscale Bitcoin Trust for up to $250 million.
DCG plans to fund the purchases with available cash and will purchase on the open market, the statement said.
The GDC did not specifically explain the reasons for the buyout.
Canadian ETF lets the cat out of the bag
As reported by Cointelegraph, GBTC traded at the biggest discount last week, with investors able to get bitcoin (BTC) 13% below its market value.
PremiumGraph GBTC vs Holding vs BTC/USD. Source: Bybt
The introduction of regulation of ETFs in Canada would have contributed to Grayscale’s headache as investors look for the best value when it comes to a traditionally volatile asset class.
The U.S. has not yet approved any ETFs, but still expects regulators to approve a change to the status quo.
The US bitcoin ETF will unleash a wave of retail buying that will turn heads, according to Nik Bhatia, author of Multilayer Money: From gold and dollars to bitcoin, the weekend commentary.
The trade flow will wipe out the available supply (the supply). The hard truth about the 21 million is that there are not that many BTCs for sale.
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