The crypto conglomerate says it may buy up to $1 billion of subsidiary Grayscale’s flagship product.

Digital Currency Group (CoinDesk’s parent company) is planning to hoover up to a billion dollars worth of Grayscale Bitcoin Trust (GBTC).

  • With subsidiary Grayscale’s flagship product facing sudden competition for brokerage accounts’ bitcoin dollars, the crypto conglomerate increased its GBTC buy range by $250 million, DCG announced Wednesday. It said it has bought $388 million shares of GBTC so far.

  • The authorization comes as bitcoin-curious mainstream investors look beyond Grayscale for crypto exposure. On Tuesday, ProShares, a Wall Street fund shop, launched the first bitcoin futures-linked exchange-traded fund (ETF) in the U.S. The ETF (NYSE: BITO) closed the day with $570 million in assets.

  • GBTC, meanwhile, ended Tuesday at a 16.55% discount relative to the price of bitcoin after that figure hit a five-month low of 20.5% on Monday. The trust has its own plans to become an ETF, a conversion unlikely to happen any time soon.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin, Ethereum prices plummet after EU lawmakers agree on anti-money laundering rules for crypto

Bitcoin, Ethereum prices plummet after EU lawmakers agree on anti-money laundering rules for crypto

With the collapse in Bitcoin and Ethereum prices, the pressure to regulate cryptocurrencies was mounting on regulators worldwide. The European Union said on Thursday, that they seek agreement on rules for regulating crypto assets and combat money laundering activities. 

More Bitcoin News

XRP price primed for a big move as Ripple expands to New Zealand

XRP price primed for a big move as Ripple expands to New Zealand

Airwallex, a leading financial services platform, expanded its payment services to New Zealand. The fintech firm joined RippleNet in 2017 and offers services to businesses as a substitute for conventional banks. 

More Ripple News

Is this a buy signal for Shiba Inu price or month-end volatility?

Is this a buy signal for Shiba Inu price or month-end volatility?

Shiba Inu price embarked on a massive uptrend after bottoming on June 19. However, the ascent faced issues and headwinds, leading to an eventual retracement. 

More Shiba Inu News

These technical indicators suggest that Litecoin price could tank to $10

These technical indicators suggest that Litecoin price could tank to $10

A brief technical and on-chain analysis on Litecoin  price. Here, FXStreet's analysts evaluate where LTC could be heading next.

More Litecoin News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP