Grayscale Bitcoin Trust (GBTC)

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Grayscale Investments, LLC Announces Remittance of Proceeds from Bitcoin Cash Sales

https://www.prnewswire.com/news-releases/grayscale-investments-llc-announces-remittance-of-proceeds-from-bitcoin-cash-sales-300569759.html



NEW YORK, Dec. 11, 2017 /PRNewswire/ -- Grayscale Investments, LLC, in its role as agent (the "Agent") of the shareholders of record (the "Record Date Shareholders") of the Bitcoin Investment Trust (OTCQX: GBTC) (the "Trust") as of November 6, 2017, announced that it has today completed the liquidation of approximately 172,501 Bitcoin Cash tokens distributed to it as Agent on November 6, 2017.

On November 6, 2017, pursuant to the terms of the Trust Agreement governing the Trust, the Trust appointed the Agent and transferred all of the Bitcoin Cash tokens then held by the Trust to the Agent. The Agent liquidated the Bitcoin Cash tokens over a period of 32 days.

In connection with the foregoing, the Agent will remit the cash proceeds from the liquidation of the Bitcoin Cash tokens, net of the administrative and other expenses incurred by the Agent in connection with the liquidation, to the Record Date Shareholders on December 12, 2017. Each Record Date Shareholder will receive $113.195042 per share.

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.