• Sun. Aug 14th, 2022

STAMFORD, Conn.–(BUSINESS WIRE)–$BCHG–Digital Currency Group, Inc. (“DCG”), the parent company of Grayscale Investments, LLC, announced that its Board of Directors has authorized a DCG share buyback program of (i) up to $30 million of shares of Grayscale® Litecoin Trust (OTCQX: LTCN), (ii) up to $10 million in shares of Grayscale® Horizen Trust (OTCQX: HZEN), (iii) up to $10 million in shares of Grayscale® Zcash Trust (OTCQX : ZCSH), and (iv) up to a total total of $200 million in shares of one of six other publicly traded Grayscale products (Grayscale® Bitcoin Cash Trust (OTCQX: BCHG), Grayscale® Bitcoin Cash Trust (OTCQX: GBTC), Grayscale® Digital Large Cap Fund (OTCQX: GDLC), Grayscale ® Ethereum Classic Trust (OTCQX: ETCG), Grayscale® Ethereum Trust (OTCQX: ETHE) and/or Grayscale® Stellar Lumens Trust (OTCQX: GXLM )). This increases DCG’s previously approved authorizations for DCG to purchase shares of GBTC and ETCG, of which DCG has $301.3 million and $4.5 million, respectively, in remaining authorized share buybacks. DCG expects to use available cash to fund purchases and will make purchases on the open market, at management’s discretion, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934 (the “Exchange Law”).

The stock purchase authorization does not obligate DCG to acquire any specific number of shares during any period and may be extended, extended, modified or discontinued at any time. The actual timing, amount and value of stock purchases will depend entirely on a number of factors, including levels of available cash, price and prevailing market conditions. Information regarding stock purchases will be available in applicable periodic reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q, as required by applicable rules of the Exchange Act.

About the Digital Currency Group

Founded in 2015, DCG is the most active investor in the blockchain industry, with a mission to accelerate the development of a better financial system through the proliferation of digital assets and blockchain technology. Today, DCG sits at the epicenter of the industry, supporting over 200 blockchain-related businesses in over 35 countries. DCG also invests directly in digital currencies and other digital assets. In addition to its investment portfolio, DCG is the parent company of Genesis (a leading global digital asset broker), Grayscale Investments (the largest digital currency asset manager), CoinDesk (a financial media leader, data and information), Foundry (a leader in bitcoin mining and staking), Luno (a leading cryptocurrency platform with a large international footprint), and TradeBlock (a leading provider of tools and data for institutional cryptocurrency traders).

About Grayscale Investments®

Grayscale enables investors to access the digital economy through a family of secure, compliant, and forward-looking investment products. Founded in 2013, Grayscale has a proven track record and unparalleled expertise as the world’s largest digital currency asset manager. Investors, advisors and allocators turn to private placements, public listings and Grayscale ETFs for exposure to both single-asset, diversified and thematic investment products. Grayscale products are distributed by Genesis Global Trading, Inc. (Member FINRA/SIPC, MSRB registered) or Foreside Fund Services, LLC. For more information, please follow @Grayscale or visit grayscale.com.

* * *

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including information regarding DCG’s purchases of shares of LTCN, ZCSH, HZEN, GBTC, ETHE, GDLC, ETCG, BCHG and /or GXLM. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, and may contain words such as than “expect”, “should”, “believe” or “plan”. By their nature, forward-looking statements address matters subject to risks, uncertainties and contingencies, including price and volume changes and volatility of LTCN, ZCSH, HZEN, GBTC, ETHE, GDLC, ETCG, BCHG and/or common stock of GXLM; changes in the net asset value discount or premium of publicly traded Grayscale products; adverse developments affecting either or both pricing and trading of exchange-traded securities or OTCQX-listed securities; and unexpected or otherwise unforeseen or alternative requirements regarding DCG’s capital investments. These uncertainties may cause actual future events to differ materially from those expressed in our forward-looking statements, including with respect to the duration of the purchase program. We do not undertake to update our forward-looking statements.


Marc Murphy


Source link