Digital Currency Group (DCG), the parent company of crypto asset manager Grayscale, announced Monday a plan to buy up to $50 million in shares of Grayscale’s Ethereum Classic (ETC) Trust.
The plan comes as the Grayscale ETC Trust continues to trade at a discount for over two months, meaning the market price of the trust’s shares has been trading lower than its net asset value or NAV.
The current discount of Grayscale’s ETC Trust is over -33%, according to tracker Bybt. The market price of the trust’s shares is about $28 at the time of writing, while its NAV is around $40. The Grayscale ETC Trust discount peaked at -55% last month.