GBTC Grayscale Bitcoin Trust ETF

Grayscale Investments®, the world’s largest crypto asset manager*, offering more than 20 crypto investment products, today announced that Grayscale Bitcoin Mini Trust (Ticker: BTC) has begun trading on NYSE Arca as of 4:00 AM ET today as a spot Bitcoin ETP.

Grayscale Bitcoin Mini Trust (“BTC”) is not a fund registered under the Investment Company Act of 1940 and is not subject to regulation under the Investment Company Act of 1940, unlike most mutual funds or ETFs. Investing involves significant risk, including possible loss of principal. The Trust may not be suitable for all investors.

BTC launched today as the lowest fee** spot Bitcoin ETP through the innovative mechanics of initial seeding by distributing 10% of GBTC’s underlying Bitcoin to BTC. As such, BTC commences trading with a NAV per share of $5.84, a diversified investor base, and $1.7B AUM as of July 30, 2024. BTC’s distribution event is colloquially known as a “spin-off,” and is a corporate action that is not expected to be a taxable event for GBTC nor any beneficial owner of GBTC shares as of the previously announced Record Date of July 30, 2024. Investors are encouraged to consult a tax advisor for related tax guidance.

"The Grayscale team has believed in Bitcoin's transformative potential since GBTC’s initial launch in 2013, and we are excited to launch Grayscale Bitcoin Mini Trust to help further lower the barrier to accessing Bitcoin in a SEC regulated investment vehicle," said David LaValle, Senior Managing Director, Head of ETFs at Grayscale. "Grayscale is proud to continue innovating in the ETP wrapper at the benefit of our investors and the broader market, and we remain unwaveringly committed to championing the opportunities of Bitcoin and the entire crypto asset class." 

Grayscale has more than a decade-long history managing GBTC – a pioneering Bitcoin fund and it's a historic lawsuit victory that helped pave the way for all U.S. crypto ETPs to come to market. The Grayscale team is committed to creating future-forward investment offerings to meet clients wherever they are on their investing journey. 

“With more than a decade of experience managing our flagship Bitcoin fund, GBTC, Grayscale is well positioned to introduce the first ‘mini’ Bitcoin ETP in the United States, expanding Grayscale’s diversified product suite to meet the needs of every client interested in crypto investing,” said John Hoffman, Managing Director, Head of Distribution & Strategic Partnerships at Grayscale. “With built-in liquidity, a diversified shareholder base, and an accessible share price, BTC is one of the most efficient tools for investors and financial professionals seeking to add low cost, long-term exposure to Bitcoin to their investment account.”  

For additional information about BTC, please visit: https://etfs.grayscale.com/BTC.

*By AUM as of July 30, 2024

**Lowest cost based on fee of 0.15% compared to other similar products. Brokerage fees and other expenses may still apply.

NO OFFER OR SOLICITATIONThis communication is for informational purposes, solely in your capacity as a shareholder of GBTC, and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No shareholder approval of the distribution is required by applicable law, and we are not seeking GBTC shareholder approval.

ADDITIONAL INFORMATION AND WHERE TO FIND ITA definitive information statement on Schedule 14C will be furnished to GBTC shareholders for the purpose of informing GBTC shareholders of the distribution, in substantial compliance with Regulation 14C of the Exchange Act. The information statement will describe the Grayscale Bitcoin Mini Trust, risks of owning shares of the Grayscale Bitcoin Mini Trust and other details regarding the distribution, and will be made available on our website at www.grayscale.com/documents#regulatoryfilings. GBTC shareholders will not need to pay any consideration, exchange or surrender existing GBTC shares, or take any other action to receive shares of the Grayscale Bitcoin Mini Trust in connection with the distribution.

Grayscale Bitcoin Mini Trust (BTC) (the “Trust”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833)903-2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101. Foreside Fund Services, LLC is the Marketing Agent for the Trusts.

Investing involves significant risk, including possible loss of principal. The Trust holds Bitcoin; however, an investment in the Trust is not a direct investment in Bitcoin. There is no certainty that an active trading market for shares will develop or be maintained which will adversely affect the liquidity of shares of the Trust.

Grayscale Investments, LLC is the Sponsor of Grayscale Bitcoin Trust and Grayscale Bitcoin Mini Trust.

About Grayscale Investments®Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world's largest crypto asset manager. Investors, advisors, and allocators turn to Grayscale's private placements, public quotations, and ETPs for single asset, diversified, and thematic exposure. Grayscale products are distributed by Grayscale Securities, LLC (Member FINRA/SIPC).

Media ContactJennifer Rosenthalpress@grayscale.com