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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.