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.
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.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Godfrey Benjamin
Yuri Molchan
Dan Burgin
Vladislav Sopov