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

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Fri, 7/05/2021 - 14:15
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.

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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.

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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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