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The purchase by DCG will be made on the open market, at management’s discretion, and will use cash on hand.
DCG was founded by CEO Barry Silbert in 2015 and has emerged as a very successful cryptocurrency-focused firm. Grayscale Investments is the world’s largest digital currency asset manager, with more than $42.1 billion in assets under management as of March 9, 2021.
If the price of Bitcoin continues to rise the investment may be a good move for the firm. As of today, shares in GBTC trade around $52/share with a market capitalization of almost $9 billion. The Trust provides a simple on-ramp for retail investors to gain exposure to Bitcoin via a traditional brokerage account.
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