Digital Currency Group to buy up to $50 million in shares of Grayscale Ethereum Classic Trust
Digital Currency Group (DCG) has announced Monday its plans to purchase up to $50 million in shares of the latter’s Ethereum Classic Trust (OTCQX: ETCG).
Barry Silbert, Founder and CEO of DCG
“DCG plans to use cash on hand to fund the purchases and will make the purchases on the open market, at management’s discretion, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934.” the company said, added:
“The share purchase authorization does not obligate DCG to acquire any specific number of shares in any period, and may be expanded, extended, modified, or discontinued at any time. 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.”
Founded in 2015 by CEO Barry Silbert, DCG is the parent company of crypto-asset manager Grayscale Investments, the world’s largest digital currency asset manager, with more than $32.9 billion in assets under management as of June 18, 2021, Genesis, CoinDesk, Foundry, Luno, and TradeBlock, a leading provider of tools and data for institutional cryptocurrency traders.
Ethereum Classic (ETC) was created in 2016 after a schism among Ethereum’s developers over how to handle a hack that resulted in a hard fork. DCG is one of the biggest supporters of ETC in the world.
Read more:
- Why Is Ethereum Classic Forecast To Reach $ 7,100 In The Future?
- Ethereum Classic Blockchain Suffered A 51% Attack Saturday Evening, Its Third Such Attack This Month