Digital Currency Group designates $250 million for the repurchase of Grayscale trust products.
DCG intends to buyback $10 million worth of the Grayscale Horizen Trust (HZEN).
DCG has over $300 million in authorized share repurchases remaining.
LAGOS (CoinChapter.com) — Digital Currency Group (DCG), the parent company of Grayscale, the world’s largest digital currency asset manager, has set aside $250 million to repurchase shares of several Grayscale investment products.
Digital Currency Group Announces $250 Million Share Repurchase Program for Grayscale® Litecoin Trust (OTCQX: $LTCN), Grayscale® Horizen Trust (OTCQX: $HZEN), Grayscale® Zcash Trust (OTCQX: $ZCSH), and other Grayscale Products https://t.co/zKoEWkfyk1
Barry Silbert, founder, and CEO of Digital Currency Group announced the move on Thursday through his official Twitter account. According to him, DCG’s board of directors has authorized $250 million to repurchase shares of its nine publicly-traded cryptocurrency trusts.
The statement shared by Silbert indicated that Grayscale Litecoin Trust (LTCN) would be allocated $30 million worth of shares. Similarly, Grayscale Horizen Trust (HZEN) and Grayscale Zcash Trust (ZCSH) will be allotted $10 million worth of shares, respectively.
Furthermore, about $200 million worth of shares will be spent on Grayscale remaining six publicly-traded products: Bitcoin Cash Trust (BCHG), Bitcoin Trust (GBTC), Digital Large Cap Fund (GDLC), Ethereum Classic Trust (ETCG), Ethereum Trust (ETHE), and Stellar Lumens Trust (GXLM).
The asset manager also revealed that it conduct the buybacks on the open market, using its cash on hand. It, however, did not disclose a time frame for the repurchase of its publicly traded cryptocurrency trusts.
Over $300M In Authorized Share Repurchases remaining
Digital Currency Group also revealed that it still has over $300 million in authorized shares for repurchases remaining. Recall that the company has increased its buyback authorization program since last year.
The value of Grayscale investment products has recorded a steady decline from its peak in November 2021. Source: YCharts
Meanwhile, the value of Grayscale’s holdings has descended from a high of around $43.6 billion in November last year. As a result, the company’s total Assets Under Management (AUM) currently sits at $28.1 billion.
Daniel Abel is an experienced journalist and crypto enthusiast. He has been covering the blockchain and crypto industry since 2018 and believes digital currency is the future.
A crypto investor has alleged crypto exchange KuCoin of illegally earing over $33 million through arbitration for 11 hours....
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.