Grayscale Is Buying Even More Bitcoin
How much Bitcoin does one company need? Grayscale thinks it’s about $250 million dollars more.
Grayscale Bitcoin Trust is trading at such a large discount to the #Bitcoin price that it's parent company, DCG, is buying another $1b worth.
— Bitcoin Archive ?????? (@BTC_Archive) October 20, 2021
Grayscale announced today via press release that they are adding 250 million USD worth of GBTC shares to its coffers. They previously had a meagre $750 million on offer.
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- The additional shares brings the New York-based investment firm Bitcoin exposure to 1 billion USD.
- That number is probably higher now, at least for a bit. Bitcoin just broke through resistance to reach a new high of $66k. The news of Grayscale’s big purchase leaking out just an hour ago probably didn’t hurt.
- Grayscale said they plan “to use cash on hand to fund the purchases and will make the purchases on the open market.”
- Grayscale has been in the news recently. They filed to convert their shares to a physically backed ETF this week. Though, they have a lot of competition vying to be the first. However, the digital asset manager appears to be best positioned with this latest purchase.
- Grayscale continues to add to its altcoin offerings. Just this week they added Zcash and Stellar Lumens.
- CEO of Grayscale criticized Gary Gensler for his support of the futures ETF before its official approval: “It is perhaps shortsighted of the SEC to really lean into futures based products and not spot.”
- Nevertheless, the futures ETF appears to be doing pretty darn well.
#BITO vol second place in history pic.twitter.com/2mbkawab8r
— Siarhei Shuleika (@SShuleika) October 20, 2021
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