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Digital Currency Group (DCG) sells Grayscale shares

DCG has sold shares in its subsidiary Grayscale as part of a portfolio reshuffle.

By Mike Hesp
• 1 min read
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Digital Currency Group (DCG) sells Grayscale shares

DCG sold shares in its subsidiary Grayscale as part of a 'portfolio reshuffle'.

Digital Currency Group (DCG) sold shares in its subsidiary Grayscale. This was reported by the Financial Times, which cites U.S. securities filings.

The recent share sale was mainly focused on the Grayscale Ethereum Trust (ETHE). About a quarter of the stock had been sold by DCG since January 24, with the sale valued at roughly $22 million.

Currently, the fund's shares are trading at just $8, a discount of nearly 70%. Just 12 months ago, the price per security was a hair under $30.

The company has also sold smaller blocks of shares in various Grayscale funds. 'This is just part of our ongoing portfolio reshuffle,' DCG said in a statement to the Financial Times.

Grayscale owns more than 3% of all Bitcoin in circulation — about 643,572 BTC. Whether DCG will also sell shares in the Grayscale Bitcoin Trust (GBTC) remains to be seen.

The sale could be tied to the subsidiary Genesis's recent insolvency ruling. Accordingly, DCG plans to swap about $1.1 billion of debt for convertible preferred shares.

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