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Grayscale Ethereum Classic Trust to Get $50 Million Boost from Silbert's DCG

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Mon, 06/21/2021 - 14:15
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Alex Dovbnya
Barry Silbert's Digital Currency Group plans to buy $50 million worth of Grayscale Ethereum Classic Trust shares
Grayscale Ethereum Classic Trust to Get $50 Million Boost from Silbert's DCG
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Venture capital behemoth Digital Currency Group (DCG) plans to purchase $50 million worth of f Grayscale Ethereum Classic Trust (ETCG) shares, the company announced Monday.

As reported by U.Today, Barry Silbert’s company announced that it would purchase $250 million worth of Grayscale Bitcoin Trust (GBTC) shares when they were trading at a steep discount.

It later boosted the limit of its purchases back to $750 million back in May.

ETCG shares are currently trading at a whopping 36 percent discount, according to data provided by YCharts.

YCharts
Image by ycharts.com

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GBTC, its crown jewel, hasn’t fared much better: it hasn’t been trading a premium since early March.

Companies tend to repurchase shares in order to boost the stock price. 

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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.