Digital Currency Group (DCG), the parent company of Grayscale Investments, announced Wednesday it plans to buy up to a total of $1 billion worth of shares of Grayscale Bitcoin Trust (GBTC).
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According to a press release, the company has already purchased $388 million worth of shares of GBTC. The company also noted that the authorization does not not obligate it to acquire any specific number of shares in any period. The move comes shortly after bitcoin (EXANTE: Bitcoin) has reached a new all-time high at the $67,128 mark. The cryptocurrency has gained over 101% this year with the whole market capitalization reaching the $2.8 trillion mark.
As iHodl earlier reported, Grayscale filed Form 19b-4 with the US Securities and Exchange Commission (SEC) to convert GBTC into a bitcoin spot exchange traded fund (ETF). The New York-based firm said the decision came on the heels of the SEC's green light of a bitcoin futures ETF.
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