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12 May 2021

Digital Currency Group Buying $750 Million in GBTC Shares - Decrypt

Digital Currency Group Buying $750 Million in GBTC Shares - Decrypt


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Digital Currency Group, a majorcryptoinvestment firm led by CEO Barry Silbert, plans to buy an additional $557 million of shares of the Grayscale Bitcoin Trust, the giantBitcoininvestment vehicle run byGrayscale, one ofDCG'smany subsidiaries.

It is a closed-end trust, meaning Grayscale invites private investors to wire Bitcoin or US dollars; in return, Grayscale issues shares in the trust.

However, for the past two months, shares in the trust have traded at adiscountto the price of Bitcoin. .

Investors lock up Bitcoin in the trust for six months at a time, and often take out huge loans to invest in the trust

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