Bitcoin Investment Trust Announces Resumption of Private Placement

NEW YORK, Dec. 4, 2017 /PRNewswire/ -- Grayscale Investments, LLC, the sponsor (the "Sponsor") of the Bitcoin Investment Trust (OTCQX: GBTC) (the "Trust"), today announced on behalf of the Trust that the Trust will resume private placements of shares today. The Trust plans to create shares from time to time in exchange for deposits of Bitcoin. Shares may only be created by certain authorized participants. Pursuant to the terms of the Trust's governing documents, the Sponsor may cause the Trust to cease creations of shares from time to time, including during affiliate sales windows.

The private placements of shares have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and the shares are being offered pursuant to an exemption from registration provided by Rule 506(c) of Regulation D under the Securities Act and in reliance on similar exemptions under applicable state laws. An investment in the shares of the Trust is suitable only for sophisticated, well-informed investors, and investors will be required to represent that they are accredited investors as such term is defined in Rule 501(a) of Regulation under the Securities Act.

As a result, the shares are restricted shares and are subject to a one-year holding period in accordance with Rule 144 under the Securities Act. In addition, the Trust does not currently operate a redemption program. Because of the one-year holding period and the lack of an ongoing redemption program, shares should not be purchased by any investor who is not willing and able to bear the risk of investment and lack of liquidity for at least one year. No assurances are given that after the one year holding period, there will be any market for the resale of shares, or, if there is such a market, as to the price at such shares may be sold into such a market.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

About Grayscale Investments, LLC

Founded in 2013, Grayscale Investments, LLC is a wholly-owned subsidiary of Digital Currency Group, Inc., which builds and supports bitcoin and blockchain companies by leveraging its insights, network, and access to capital. A trusted authority on digital currency investing, Grayscale provides market insight and investment exposure to the developing digital currency asset class. Grayscale is the sponsor of the Bitcoin Investment Trust, the Ethereum Classic Investment Trust, and the Zcash Investment Trust.

Grayscale Investments, LLC is headquartered in New York City. www.grayscale.co

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SOURCE Grayscale Investments, LLC