DCG Authorizes $750M In GBTC Buys

Earlier today, Digital Currency Group, the parent company of Grayscale Investments, announced that it had authorized up to an additional $750 million worth of the Grayscale Bitcoin Trust (GBTC) to be purchased by the company. This is an increase of $500 million compared to an authorization by DCG announced last month.

As of April 30, the parent company has purchased $193.5 million worth of GBTC shares, in an apparent attempt to bring the discount between GBTC’s shares and its net asset value (NAV) back to zero.

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