Grayscale parent firm DCG to expand GBTC buy limit by $500M
May 3, 2021. Summarized by summa-bot.
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Digital Currency Group, the parent firm of Grayscale Investments, has expanded the purchase authorization of its Grayscale Bitcoin Trust from $250 million to $750 million.
Digital Currency Group, the parent company of digital asset manager Grayscale Investments, is now authorized to purchase up to $750 million worth of shares of Grayscale Bitcoin Trust.
The company announced Monday that DCG increased its prior authorization to buy up to $250 million worth of GBTC shares by an extra $500 million.
DCG mentioned that the firm had purchased a total of $193. 5 million worth of GBTC shares as of Friday.
The news comes shortly after DCG originally announced in March its plan to purchase up to $250 million of GBTC shares.