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

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Digital Currency Group (CoinDesk’s mum or dad firm) is planning to hoover up to a billion {dollars} value of Grayscale Bitcoin Trust (GBTC).

  • With subsidiary Grayscale’s flagship product going through sudden competitors for brokerage accounts’ bitcoin {dollars}, the crypto conglomerate elevated its GBTC purchase vary by $250 million, DCG announced Wednesday. It mentioned it has purchased $388 million shares of GBTC to this point.
  • The authorization comes as bitcoin-curious mainstream buyers look past Grayscale for crypto publicity. On Tuesday, ProfessionalShares, a Wall Street fund store, launched the primary bitcoin futures-linked exchange-traded fund (ETF) within the U.S. The ETF (NYSE: BITO) closed the day with $570 million in property.
  • GBTC, in the meantime, ended Tuesday at a 16.55% low cost relative to the worth of bitcoin after that determine hit a five-month low of 20.5% on Monday. The belief has its personal plans to turn out to be an ETF, a conversion unlikely to occur any time quickly.

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