Digital Currency Group, parent company of leading digital asset company Grayscale, announced that it can invest up to $1 billion in Grayscale Bitcoin Trust (GBTC).
The company made a statement on Wednesday. In the statement, the company announced that it plans to purchase Grayscale Bitcoin Trust (GBTC) for up to $1 billion. Increasing its purchase limit by $250 million, the company announced that it has purchased $388 million of GBTC shares so far. This seems to be the result of competition with Bitcoin ETFs.
The move comes after ProShares’ Bitcoin EFT was in huge demand. ProShares’ Bitcoin ETF was the second most traded ETF on its opening day, closing the day with $570 million in assets.