Grayscale has announced plans to buy another $500 million worth of GBTC shares with the company stated they have already purchased $193.5 million.
Grayscale announced the board has approved the purchase of up to $750 million worth of shares, leaving them free to buy another $550 million worth after the purchase of circa $200 million.
That’s after the Grayscale Bitcoin Trust (GBTC) saw a significant discount to the bitcoin price of their shares.
Each GBTC share is worth 0.00094462 BTC, which currently is valued at $55.03. A GBTC share itself however is trading at $48 on OTC Markets as can be seen above.
That significant difference of more than 10% is potentially due to overshooting arbitrage as GBTC shares were previously at a huge premium.
It may also be due to the launch of a number of bitcoin ETFs in Canada which has increased investors options for purchasing bitcoin.
This newly authorized $500 million will now go towards closing that gap, but how successful it will be remains to be seen.