Bitcoin Investment Trust Announces Withdrawal of Registration Statement

NEW YORK, Oct. 25, 2017 /PRNewswire/ -- Grayscale Investments, LLC, the sponsor (the "Sponsor") of the Bitcoin Investment Trust (OTCQX:GBTC) (the "Trust"), announced today that it has requested withdrawal of its Registration Statement on Form S-1 (File No. 333-215627) that was initially filed on January 20, 2017 with the U.S. Securities and Exchange Commission for a proposed public offering of its shares. The Registration Statement has not been declared effective, and no securities have been sold in connection with the offering described in the Registration Statement.

Withdrawal of the Registration Statement does not impact quotation of the Trust's shares on the OTCQX.

Earlier this year, the SEC rejected two "Rule 19b-4" applications for the exchange listing of digital currency products. In light of those rejections and the Sponsor's belief there had not been enough regulatory developments to prompt the SEC to approve a similar Rule 19b‑4 application, the NYSE Arca, Inc. withdrew the Rule 19b-4 application seeking approval to list shares of the Trust on the NYSE Arca on September 27, 2017. Because an exchange listing of the Trust's shares is not currently feasible, the Sponsor has determined that it is in the best interests of the Trust to withdraw the Registration Statement.

The Sponsor intends to continue its dialogue with the SEC and to closely monitor regulatory developments in order to be prepared to proceed with a public offering and exchange listing of the Trust's shares when conditions permit, although the Sponsor cannot predict when this will be.

This press release shall not constitute an offer to sell nor a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Grayscale Investments, LLC

Founded in 2013, Grayscale Investments, LLC is a wholly-owned subsidiary of Digital Currency Group, Inc., which builds and supports bitcoin and blockchain companies by leveraging its insights, network, and access to capital. A trusted authority on digital currency investing, Grayscale provides market insight and investment exposure to the developing digital currency asset class. Grayscale is the sponsor of the Bitcoin Investment Trust and the Ethereum Classic Investment Trust.

Grayscale Investments, LLC is headquartered in New York City.


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SOURCE Grayscale Investments, LLC

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