Grayscale Bitcoin Trust (GBTC)

[FreezeThese]

Still trying to figure out how one would make money here... aside from accessibility, investing in Bitcoin directly is a more lucrative option.

Quarterly takeaways...

As a passive investment vehicle, the investment objective of the Trust is for the Shares to reflect the performance of the prices of bitcoins, less the liabilities of the Trust, including estimated accrued expenses.

Management Fees thus far for 2015 – $327,101
$600,000 annual fee for public trading on OTCQX
Outstanding Shares - 1,405,500
Authorized Shares - Unlimited [Not a typo]

As of, June 30, 2015, the Trust owned 135,677.20675720 bitcoins, with a market value of approximately 35,575,920, based on the Non-GAAP bitcoin Market Price on June 30, 2015.

On august 9, 2015, Xapo, Inc., became the custodian responsible for safeguarding the Trust’s bitcoin.

Effective October 28, 2014 the BIT suspended its redemption program, in which Shareholders were permitted to request the redemption of their shares through the Authorized Participant.

In accordance with the trust agreement of the BIT, the Trust pays a management fee to the Sponsor, calculated as 2% of the aggregate value, expressed in U.S. Dollars, of the Trust’s assets, less its liabilities (which include accrued but unpaid expenses), as calculated and published by the Sponsor or its delegates.

http://www.otcmarkets.com/financialReportViewer?symbol=GBTC&id=143093

Conceding I'm intrigued, the hefty fees/expenses ensure the ticker will consistently trade below the actual price of Bitcoin, perhaps accordingly, very few have found a reason to own shares thus far. Regardless of how anxious I am to be an investor in Bitcoin think I'll remain sidelined until the twins complete their paperwork.