DGC plans to buy up to $1B of subsidiary Grayscale Bitcoin Trust

Digital Currency Group, the parent company of Grayscale Investment, authorizes its purchase of up to $1B worth of Grayscale Bitcoin Trust (OTC:GBTC) shares. This increases DCG's prior authorization to buy up to $750M worth of GBTC shares by $250M. As of Oct. 19, DCG has already purchased $388M worth of shares, and plans to use cash on hand to fund the purchases on the open market, the company said. The move comes at a time when subsidiary Grayscale Investments recently filed with the Securities and Exchange Commission to convert GBTC into a bitcoin (BTC-USD) spot exchange-traded fund. In the meantime, shares of GBTC climb 7% amid bitcoin's (BTC-USD) fresh milestone, in addition to the Ethereum Grayscale Trust (OTCQX:ETHE +8.3%). Earlier, the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) rallies for the second day on surging volume.