Digital Currency Group plans to buy $1 billion worth of Grayscale Bitcoin Trust (GBTC) shares.
DCG announced it has increased its purchase range for GBTC from $750 million to $1 billion. This decision does not oblige the company to purchase shares within a specific time frame. The purchase will take place on the open market for cash, at a time determined at the discretion of the company.
DCG has already purchased $388 million of GBTC shares to date.
On Tuesday, GBTC traded 16.55% below the market price of Bitcoin, and on Monday, 20.5%. The low price of one share of the fund in relation to the real value of the first cryptocurrency is due to the inability to obtain physical military technical support through contracts with derivative financial instruments.
To correct the situation, the trust has its own plans to turn into a spot ETF.
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