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Digital Currency Group Purchased $81.3 Million Worth of GBTC Shares in Q1

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Fri, 05/07/2021 - 14:15
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Alex Dovbnya
Despite Digital Currency Group purchasing $81.3 million of GBTC shares in March, the trust continues to trade at a discount
Digital Currency Group Purchased $81.3 Million Worth of GBTC Shares in Q1
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Cryptocurrency-focused venture capital giant Digital Currency Group purchased $81.3 million worth of shares of Grayscale Bitcoin Trust on the open market in the first quarter of 2021, according to a quarterly report filed with the U.S. Securities and Exchange Commission.

The company announced its $250 million repurchasing plan back in March. DCG bought 1,695,217 shares at an average price of $47.94 per share in one month.

Related
Grayscale Confirms Its Plan to Convert Bitcoin Trust Into ETF

As reported by U.Today, it was given the green light by the SEC to invest $500 million earlier this May, bringing the total sum to $750 million. However, the authorization does not actually oblige DCG to buy any shares.

Grayscale Bitcoin Trust continues to trade at a massive discount of 15.92 percent after its premium turned negative for the first time in years in late February.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.