NEW YORK, April 2, 2018 /PRNewswire/ -- Grayscale Investments, LLC, in its role as agent (the "Agent") of the shareholders of record as of January 8, 2018 (the "Record Date Shareholders") of Bitcoin Investment Trust (OTCQX: GBTC) (the "Trust"), announced today that, on behalf of the Record Date Shareholders, it has irrevocably abandoned all of the rights to Bitcoin Segwit2X tokens distributed to the Record Date Shareholders on January 8, 2018.
On January 8, 2018, pursuant to the terms of the Trust Agreement governing the Trust, the Trust, acting on behalf of the Record Date Shareholders, appointed the Agent and distributed all of the rights to Bitcoin Segwit2X tokens then held by the Trust to the Agent. On behalf of the Record Date Shareholders, the Agent is abandoning the rights to the Bitcoin Segwit2X tokens because it has determined that the costs that would be incurred by it in connection with exercising those rights and selling the Bitcoin Segwit2X tokens would exceed the gross proceeds that would be generated by such sales.
For the avoidance of doubt, Grayscale Investments, LLC is acting only in its capacity as agent of the Record Date Shareholders with respect to the foregoing and not in its capacity as sponsor of the Trust.
About Grayscale Investments, LLC
Established in 2013 by Digital Currency Group, Grayscale Investments, LLC ("Grayscale") is a trusted authority on digital currency investing. Grayscale provides secure access to the digital currency asset class through its single-asset and diversified investment products, including Bitcoin Investment Trust (OTCQX: GBTC) and Digital Large Cap Fund. As of March 31, 2018, the firm managed $1.5 billion in assets. For more information on Grayscale, please visit www.grayscale.co.
SOURCE Grayscale Investments, LLC