Grayscale Partners with New York Giants, Becoming the Second Crypto Sponsor of an NFL Team

2021-5-6 21:10

Grayscale Investment, the largest crypto asset manager, announced on Wednesday that it had become the second crypto sponsor of an NFL team by partnering with the New York Giants. Litecoin (LTC) partnered with the Miami Dolphins back in 2019.

“Our partnership with the Giants is incredibly meaningful because our roots are in New York,” said Grayscale CEO Michael Sonnenshein.

“We’re excited to partner with such a forward-thinking franchise, to work together on philanthropic initiatives, and to continue to support the New York metropolitan community.”

As part of the Giants’ Official Digital Currency Asset Management Partner, Grayscale will be the Sponsor of The Giants Foundation Golf Outing. As part of this, the digital asset manager will be hosting educational seminars on cryptocurrencies for Giants personnel each year.

This partnership “could guide us in navigating the cryptocurrency ecosystem,” said New York Giants Chief Commercial Officer Pete Guelli. Grayscale

“has the institutional knowledge and network of partners that we can access as crypto continues to evolve.”

Just this week, in another news, Grayscale’s parent company Digital Currency Group (DCG), announced that they would be purchasing up to a total of $750 million worth of shares of Grayscale Bitcoin Trust (GBTC), 3x the initial amount.

It further reported that as of April 30, 2021, DCG had already purchased $193.5 million worth of GBTC shares. According to Bloomberg, DCG is the third-largest holder of the trust.

Meanwhile, GBTC continues to run at a steep discount, currently at 15.33%, to the underlying Bitcoin. So, the company is actually buying back their trust at a discount.

“It is a rational strategy for the company and product to increase their purchases given the persistent, multi-month discount in GBTC,” said Stephane Ouellette, chief executive and co-founder of FRNT Financial.

Grayscale, meanwhile, says it is “100% committed” to converting the GBTC into an ETF once the SEC approves the structure. A week back, the SEC postponed the decision on VanEck Bitcoin ETF to June 17.

The post Grayscale Partners with New York Giants, Becoming the Second Crypto Sponsor of an NFL Team first appeared on BitcoinExchangeGuide.

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