Connect with us

Hi, what are you looking for?

Cryptocurrency

Grayscale parent company expands GBTC purchase allocation to $1 billion

Grayscale Investments, the parent company of popular cryptocurrency investment trust GBTC, has increased its purchase allocation for bitcoin cash to $1 billion.

Grayscale Bitcoin Trust is a company that was founded by Barry Silbert of Digital Currency Group. They have expanded their purchase allocation to $1 billion. Read more in detail here: grayscale bitcoin trust.

 

DCG is now allowed to purchase up to $1 billion worth of Grayscale Bitcoin Trust, according to a statement released on Wednesday (GBTC).

If DCG chooses, they may extend their previous authorisation by $250 million as a result of this development. According to DCG’s statement on Wednesday, the firm has already bought $338 million in GBTC.

DCG bought $193.5 million worth of GBTC shares in May 2021, as previously revealed by Cointelegraph. The firm’s GBTC purchasing limit at the time was $250 million.

DCG disclosed as part of the statement that it intends to utilize cash on hand to enable open market purchases under the terms of Rule 10b-8 of the Exchange Act.

Grayscale recently announced intentions to transform its GBTC product into a Bitcoin (BTC) exchange-traded fund, prompting DCG’s announcement (ETF).

Such plans, however, are contingent on the Securities and Exchange Commission (SEC) of the United States changing its position on Bitcoin ETFs.

Grayscale confirms Bitcoin ETF intentions and expands its trusts to include Zcash, Stellar Lumens, and Horizen.

Gary Gensler, the head of the Securities and Exchange Commission, has previously come out in support of BTC-related ETFs backed by Bitcoin futures rather than those based on the cryptocurrency’s spot price.

Gensler’s statements were part of the SEC chairman’s remarks on concerns expressed about ProShares’ Bitcoin Strategy ETF, which became the first BTC-related ETF to debut in the United States on Tuesday.

Grayscale has added additional cryptocurrencies to its investment portfolio, in addition to its future Bitcoin ETF ambitions.

Zcash (ZEC), Stellar Lumens (XM), and Horizen (ZEN) were added to the firm’s portfolio of cryptocurrency trusts earlier this month.

Digital Currency Group (DCG), Grayscale Investment’s parent firm, has increased its buy allocation for the latter’s Bitcoin Trust product.

Grayscale Bitcoin Trust news is the announcement that the parent company of GBTC has increased its purchase allocation to $1 billion. Reference: grayscale bitcoin trust news.

Related Tags

  • grayscale news
  • grayscale portfolio 2021
  • grayscale ethereum trust
  • grayscale bitcoin nav
  • digital currency group stock

Advertisement

You May Also Like

Cryptocurrency

INX Limited, a Gibraltar-based platform for trading securities and cryptocurrencies, is preparing to close its IPO soon. According to the announcement on Monday, the...

Cryptocurrency

While gambling is no stranger to the blockchain, poker’s appeal to players has only increased as poker sites accept bitcoin and Covid-19 increasingly promotes...

Cryptocurrency

Github’s services are under investigation following a series of reports of attacks on one of its infrastructures by launching unauthorized cryptomining applications. Cybercriminals have...

Cryptocurrency

Kenanga Investment Bank Berhad, one of Malaysia’s largest financial companies, is stepping into the cryptocurrency industry with new investments. According to an official announcement...