BusinessDigital Currency GroupGBTCGrayscale

Grayscale’s Parent Company to Buy $250M Bitcoin via GBTC

Digital Currency Group (DCG), the parent company of Grayscale LLC, has invested $250 million in Bitcoin using Grayscale’s Bitcoin Trust shares. 
DCG Taps Grayscale’s GBTC Discount
In compliance with SEC laws, DCG filed form Rule 10b-18 to inform shareholders about their BTC investment decision. The firm will disclose the buy price and time of purchase after the trade, recorded in Forms 10-K and 10-Q filed quarterly and annually.
The press release noted: 
“The actual timing, amount, and value of share purchases will depend entirely upon a number of factors, including the levels of cash available, price, and prevailing market conditions.”
The group has joined MicroStrategy, Tesla, Square, and others in adding Bitcoin to its balance sheet.
Currently, GBTC shares are trading at a discount of 3.22% on the market. It is possible that instead of issuing new shares at net asset value (NAV), DCG may buy GBTC from regulated brokerages at a discount.

Digital Currency Group just announced that they will be buying shares of GBTC in the open market.
Discounted bitcoin being gobbled up.
— Pomp 🌪 (@APompliano) March 10, 2021
Founded by Barry Silbert in 2015, DCG is the parent company of Genesis, Grayscale Investments, CoinDesk, Foundry, and Luno, making him one of the most successful venture capitalists in the space. 
The group has kickstarted 160 companies in the space at the ground level. These startups have raised a total of $1.1 billion from other investors. 
Disclosure: The author held Bitcoin at the time of press. 
Story continues on Crypto Briefing

Related posts
Businessdogecoin

Slim Jim Celebrates “Doge Day” With Shiba Inu NFT

Story continues on Crypto Briefing
AprilBusinessCointelegraph.comCryptocurrenciesdogecoinfoodSocial MediaTwitter

Snack companies are openly celebrating 4/20 thanks to DOGE

Since Slim Jim began furiously promoting Dogecoin on Twitter in February, the number of followers on its account has quintupled. United States-based meat snack Slim Jim is the latest food brand to jump into the crypto space by promoting the…
Bitcoin miningBusinessChinaCointelegraph.comGovernmentMiningUnited States

Governments can stop Bitcoin by shutting down mining, says Electric Capital exec

“If the U.S. stopped all the U.S. miners, Kazakstan stopped all the miners there — that kind of shuts down 80-90% of the hashrate pretty quickly,” said Curtis Spencer. Electric Capital co-founder and partner Curtis Spencer implied that the Bitcoin…