Grayscale Bitcoin Trust (GBTC)

[IndyDude]

Does anyone think it's strange that shareholders only get 90 shares post split but they announced a 91 for 1 split? Is Grayscale keeping 1,916,600 shares for themselves? And what's this about creating new shares after this press release up to the record date?

Been lurking and long here for months, but I don't get those things.



NEW YORK, Jan. 11, 2018 /PRNewswire/ -- Grayscale Investments, LLC, the sponsor (the "Sponsor") of the Bitcoin Investment Trust (OTCQX: GBTC) (the "Trust"), announced that it has today declared a 91-for-1 stock split of the Trust's issued and outstanding shares. With the split, shareholders of record on January 22, 2018 will receive 90 additional shares of the Trust for each share held.

The stock split will be effected on January 26, 2018 to shareholders of record as of the close of business on January 22, 2018. Following the stock split, the Trust's shares will continue to be quoted on the OTCQX under the symbol "GBTC."

Based on 1,916,600 shares of the Trust issued and outstanding as of the date of this press release, immediately after effectiveness of the stock split on January 26, 2018, the Trust would have 174,410,600 shares outstanding. The Trust may create new shares after the date of this press release and up through the record date. After the close of business on the record date, the Trust will announce the total number of shares that will be issued and outstanding immediately after effectiveness of the stock split on January 26, 2018, which will give effect to any such new shares created after the date of this press release and up through the record date.