Digital Currency Group, Inc. ("DCG"), the parent company of Grayscale Investments, LLC, announced that its Board of Directors has authorized a share repurchase program by DCG of (i) up to $30 million worth of shares of Grayscale® Litecoin Trust (OTCQX:LTCN), (ii) up to $10 million worth of shares of Grayscale® Horizen Trust (OTCQX:HZEN), (iii) up to $10 million worth of shares of Grayscale® Zcash Trust (OTCQX:ZCSH), and (iv) up to an aggregate total of $200 million worth of shares of any of the other six publicly quoted Grayscale products (Grayscale® Bitcoin Cash Trust (OTCQX: BCHG), Grayscale® Bitcoin 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 respectively has $301.3 million and $4.5 million in authorized share repurchases remaining. DCG plans to use cash on hand to fund the purchases and will make the purchases on the open market, at management's discretion, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934 (the "Exchange Act").
The share purchase authorization does not obligate DCG to acquire any specific number of shares in any period, and may be expanded, extended, modified, or discontinued at any time. The actual timing, amount and value of share purchases will depend entirely upon a number of factors, including the levels of cash available, price, and prevailing market conditions. Information regarding stock purchases will be available in the applicable periodic reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q as required by the applicable rules of the Exchange Act.
