DCG, Facing Competition From Bitcoin ETFs, Plans to Buy More Grayscale Bitcoin Trust -

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.

This article was originally published by www.coindesk.com on 2021-10-20 22:29:04. It can be viewed in it’s original state here: Source link .

Leave a comment

The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. EZCrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. Trading and investing is risky, do so at your own risk, and we advise people to never use more money than they can afford to lose. The cryptocurrency market is a volatile and risky market. Cryptocurrency trading may not be suitable for all users of this website.

EZCrypto © 2021. All rights reserved.

My Newsletter

Sign Up For Updates & Newsletters