Digital Currency Group (DCG), led by Barry Silbert, announced its readiness to buy up to $50 million worth of Grayscale Ethereum Classic Trust shares.
Digital Currency Group Announces Plan to Purchase Shares of Grayscale Ethereum Classic Trust (OTCQX: $ETCG)https://t.co/5tuKNTU2wu
— Barry Silbert (@BarrySilbert) June 21, 2021
The venture firm plans to carry out the initiative on the open market.
Grayscale is part of the DCG empire, which Messari analysts valued at $4.3 billion in November 2020.
The company emphasised that the purchase decision could be revisited at any time regarding both the timing and the amount, or even withdrawn.
Management will be guided by the level of free liquidity, the price of the first cryptocurrency, and prevailing market conditions.
Information about the purchase will be disclosed in the trust’s Form 10-K and 10-Q filings with the U.S. Securities and Exchange Commission.
As reported, in May DCG announced its intention to acquire Grayscale Bitcoin Trust (GBTC) shares for up to $750 million. The figure announced in March was three times larger.
Since February 23, GBTC traded at a discount to the price of the first cryptocurrency. At the time of writing it amounts to almost 14.5%.
Subscribe to ForkLog’s Telegram news: ForkLog Feed — the full stream of news, ForkLog — the most important news, infographics and opinions