With Bitcoin ETFs hitting the US market, the Digital Currency Group (DCG) has decided to increase the purchase budget of Bitcoin Investment Trust (GBTC) shares provided by Grayscale.
It will raise the budget for purchase from the previously announced $750 million to a whopping $1 billion, the company said Wednesday. On the same day, the company announced that it has purchased $380 million worth of GBTC shares.
In May, the company had purchased just over $193 million of GBTC shares with the firm’s purchase limit standing at $250 million.
Grayscale Investments is a subsidiary of Digital Currency Group, which aims to support the development of distributed ledger networks and invest in digital currencies.
Apart from Grayscale, DCG is the parent company of digital asset prime broker Genesis, financial media site Coindesk, crypto platform Luno, data provider TradeBlock, and lastly, Bitcoin mining company Foundry.