Digital Currency Group, Inc. (“DCG”), the parent company of Grayscale Investments, LLC, has authorized the purchase by DCG of up to a total of $750 million worth of shares of Grayscale Bitcoin Trust (OTCQX: GBTC). This increases DCG’s prior authorization to purchase up to $250 million worth of shares of GBTC by $500 million. As of April 30, 2021, DCG has purchased $193.5 million worth of shares of GBTC. DCG plans to use cash on hand to fund the purchases and will make the purchases on the open market, at management’s discretion, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934 (the “Exchange ... (full story)

Digital Currency Group, a major crypto investment firm led by CEO Barry Silbert, plans to buy an additional $557 million of shares of the Grayscale Bitcoin Trust, the Bitcoin fund run by Grayscale, one of DCG's many subsidiaries. This would bring DCG's total investment into the fund—$193 million as of April 30—to $750 million. DCG is under no obligation to buy these shares, however, and back out at any time. It said in an announcement today that the timing and size of its investment depend on the amount of cash it has on hand, the price of the shares and market conditions. As of this writing, the Grayscale Bitcoin ... (full story)