Cryptocurrency conglomerate Digital Currency Group (DCG), the parent company of leading asset manager Grayscale, has announced a $250 million share buyback program.
The sum will be spread among various funds operated by the company. DCG intends to buy back $30 million worth of shares in Grayscale Litecoin Trust (LTCN). The cryptocurrency behemoth will spend up to $10 million each on repurchasing shares in Grayscale Zcash Trust (ZCSH) and Grayscale Zcash Trust (ZCSH). The rest of the $250 million cash pile will be spent on other trusts, including Grayscale Bitcoin Cash Trust (BCHG).
As reported by U.Today, DCG announced that it would buy back $250 million worth of shares in Grayscale Bitcoin Trust (GBTC), its crown jewel. The move was reportedly meant to solve its persistent discount problem. The company then upped its buyback authorization program by $500 million in early May.