DCG to Buy $50M in Shares of Grayscale’s Ethereum Classic Trust

AWASIOR

Known
Messages
288
Reaction score
62
Points
28
1624382471250.png
1624382525240.png


Digital Currency Group (DCG), the parent company of crypto asset manager Grayscale Investments, said Monday it plans to purchase up to $50 million in shares of Grayscale’s Ethereum Classic Trust.
According to a press release, DCG – which is also the parent company of CoinDesk – will buy the shares on the open market with cash on hand.
The price of Ethereum Classic (ETC) tripled in May, reaching an all-time high of $177.26 before falling about 70% into the low $50s, where it remains today. Though ETC has returned 668% year-to-date – higher than ETH’s 163% gain – many crypto analysts saw the ETC rally as a speculative fever akin to the dogecoin (DOGE) frenzy rather than an informed investment based on the potential of blockchain technology.
 
Top