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.
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ETCG shares are currently trading at a whopping 36 percent discount, according to data provided by YCharts.
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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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Tomiwabold Olajide
Godfrey Benjamin
Dan Burgin