Grayscale Cryptocurrency Asset Manager has a new buyer for the Grayscale Bitcoin Trust (GBTC) stock – the owner.
In a press release on March 10, the parent company Grayscale Digital Currency Group (DCG) announced plans to buy up to $ 250 million in GBTC shares.
GBTC buys shares worth “up to $ 250 million”
The move, which comes under volatile conditions for GBTC, follows plans to hire ETF professionals, indicating the company’s potential diversification.
According to a press release, DCG has approved “DCG’s acquisition of up to $ 250 million of Grayscale Bitcoin Trust shares.”
She added: “DCG plans to use the available funds to finance purchases and will pursue purchases on the open market.”
DCG does not specifically mention the reason for the acquisition.
Canadian ETFs put cats between pigeons
As Cointelegraph reported, GBTC traded at its biggest discount on record last week when investors were able to access bitcoin (BTC) 13% below market value.
The regulator’s green light to launch Canadian ETFs is believed to have exacerbated Grayscale’s headaches as investors seek the best deal when it comes to leveraging a traditionally volatile asset class.
The United States has not yet licensed any business school, and regulators are expected to agree to change the status quo.
“The US Bitcoin ETF will trigger a wave of retail that will blow your mind,” said Nick Bhatia, author of Layered Money: From Gold and Dollars to Bitcoin.
“The trade flow will destroy existing stocks (supply). The harsh reality of 21M is that there is not much BTC to sell. “