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Grayscale parent company expands GBTC purchase allocation to $1 billion
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According to an announcement issued on Wednesday, DCG is now authorized to buy up to $1 billion worth of Grayscale Bitcoin Trust (GBTC).
This development extends DCG’s prior authorization by $250 million if they choose to do so. Indeed, DCG has so far purchased $338 million in GBTC, according to the company’s announcement on Wednesday.
As previously reported by Cointelegraph, DCG had purchased $193.5 million worth of GBTC shares back in May 2021. At the time, the firm’s GBTC purchase limit stood at $250 million.
As part of the announcement, DCG revealed that it plans to use cash on hand to facilitate the purchase on the open market under the provisions enshrined in Rule 10b-8 of the Exchange Act.
DCG’s announcement comes on the heels of plans
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