competitive advantage, DCG, Exchange Act, GBTC, GBTC discount, Grayscale Investments, Marlton, stockholders, US Securities

Investment management firm, Marlton, has applauded the recent decision to authorize the purchase by Digital Currency Group (DCG) of up to a total of $750 million worth of shares of Grayscale Bitcoin Trust (GBTC). This latest action follows Marlton’s recent call for DCG and the Grayscale board to do more to narrow the discount on GBTC shares.

Support for Purchase Authorization

In a statement, Marlton’s Managing Member, James C. Elbaor says this DCG action is “a more constructive approach to alleviating the dramatic discount between the market price of GBTC shares and net asset value.†He added:

As previously reported by Bitcoin.com News, Martlon’s Elbaor argued in an open letter that a modified Dutch auction tender offer for GBTC shares would “materially narrow — if not eliminate — the discount to the net asset value.â€

At the time, Elbaor warned that if Grayscale Investments did take heed, Marlton reserved the right to “take further action in order to protect our investments and those of other stockholders.â€

No Specific Number of Shares

Meanwhile, in its own statement following the new purchase authorization, Grayscale’s parent reveals that “as of April 30, 2021, DCG has purchased $193.5 million worth of shares of GBTC.†These purchases follow an earlier authorization which allowed the DCG to purchase up to $250 million GBTC shares.

However, DCG warns that this new authorization does not bound or obligate it to make any particular purchases. The parent company of Grayscale Investments explained:

Concerning such future stock purchases, DCG says this information will be available in the GBTC periodic reports filed with the Securities and Exchange Commission (SEC) on Forms 10-K and 10-Q as required by the applicable rules of the Exchange Act.

Do you think the new authorization will help to significantly reduce the discount on GBTC shares? Tell us your views in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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