Digital Currency Group (DCG), Inc., the company behind Grayscale Investments and CoinDesk, has announced it plans to buy up to $250 million worth of shares of Grayscale Bitcoin Trust (GBTC). According to a press release, the company wants to make the purchase on the open market.
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However, the company acknowledges that the timing and size of the deal is subject to change. The company can also unilaterally terminate the purchase of shares. DCG's plans come after Grayscale Investments decided to explore new cryptocurrencies for potential new product offerings.
As of press time, GBTC's premium stands at -3.22%, which means the market price of GBTC's shares is lower than the net asset value of its shares. In February, the value of the bitcoin (EXANTE: Bitcoin), ether (ETH) and other cryptocurrencies held in Grayscale Investments' funds exceeded $40.9 billion. According to Grayscale Investments CEO, Michael Sonnenshein, the figure doubled since January 1.
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