Crypto-focused venture capital giant Digital Currency Group (DCG) is snapping up another $500 million worth of Grayscale Bitcoin Trust (GBTC) shares.
DCG backs more than 175 blockchain-related companies in over 35 countries and is the parent company of Grayscale.
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The move brings DCG’s total investment in Grayscale to $750 million.
DCG plans to use cash on hand for the purchase, and states that “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.”
The Grayscale Bitcoin Trust is the largest public holder of Bitcoin in the world, with 654,850 BTC sitting in their treasury.
The investment behemoth also has trusts for 12 other altcoins, including Ethereum (ETH), Litecoin (LTC), and Chainlink (LINK).
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Source: https://dailyhodl.com/2021/05/05/crypto-vc-giant-ramps-up-bitcoin-investment-by-500000000/
