DCG, Facing Competition From Bitcoin ETFs, Plans to Buy More Grayscale Bitcoin Trust

Posted on by American Coins & Gold

DCG, Facing Competition From Bitcoin ETFs, Plans to Buy More Grayscale Bitcoin Trust
Digital Currency Group (CoinDesk’s parent company) is planning to hoover up up to a billion dollars worth of Grayscale Bitcoin Trust (GBTC), the company announced Wednesday.With subsidiary Grayscale’s flagship product facing sudden competition for brokerage accounts’ bitcoin dollars, the crypto conglomerate increased its GBTC buy range by $250 million. It said it has bought $388 million shares of GBTC so far.The authorization comes as bitcoin-curious mainstream investors look beyond Grayscale for crypto exposure. On Tuesday, ProShares, a Wall Street fund shop, launched the first bitcoin-linked exchange-traded fund (ETF) in the U.S. It closed the day with $570 million in assets.GBTC,…