Benzinga | May 3, 2021 05:02PM EDT

Grayscale Parent Expands Potential Purchase Of Grayscale Bitcoin Trust Shares By $500M

Digital Currency Group -- the parent company of the world's top crypto asset manager Grayscale Investments -- announced Wednesday it is considering a purchase of more shares of the world's biggest Bitcoin (CRYPTO: BTC) fund Grayscale Bitcoin Trust (OTC:GBTC).

What Happened: According to an announcement, Digital Currency Group is acquiring up to a total of $750 million in shares of Grayscale Bitcoin Trust, $500 million more than its March authorization to buy $250 million.

As of the end of April, the firm has acquired $193.5 million in shares of GBTC.

Going forward, Digital Currency Group said it plans to use its cash reserves to fund the purchases and to buy the shares on the open market.

The share purchase authorization does not require the firm to buy any number of GBTC shares in any period and may be extended, modified or discontinued at any time. Information concerning these share acquisitions will be available in the trust's periodic reports.