Grayscale to Buy $250 Million GBTC

gbtc price march 15 2021

Grayscale Investments, the company behind the bitcoin stock traded trust (GBTC), has announced the board’s approval to buy up to $250 million GBTC shares. They say, and we quote in full: “On March 10, 2021, the board (the “Board”) of Grayscale Investments, LLC, the sponsor (the “Sponsor”) of Grayscale Bitcoin Trust (BTC) (the “Trust”), approved the purchase by Digital Currency Group, Inc. (“DCG”), the parent company of the Sponsor, of up to $250 million worth of shares of the Trust. Subsequently, DCG authorized such purchase. DCG plans to use cash on hand to fund the purchases and will make the purchases on the open market, at management’s discretion, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934 (the “Exchange Act”). The share purchase authorization does not obligate DCG to acquire any specific number of shares in any period, and may be expanded, extended, modified, or discontinued at…

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