New York, Jan. 21, 2020 (GLOBE NEWSWIRE) -- Grayscale Investments®, the world’s largest digital currency asset manager and sponsor of Grayscale® Bitcoin Trust* (OTCQX: GBTC) (the “Trust”), today announced that the Registration Statement on Form 10 that it filed with the Securities and Exchange Commission (“SEC”) on behalf of the Trust has been deemed effective. The Trust is now an SEC reporting company with its shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).**
The Trust is solely and passively invested in Bitcoin, enabling investors to gain exposure to Bitcoin in the form of a security while avoiding the challenges of buying, storing, and safekeeping Bitcoin directly. Now, it is also the first digital currency investment vehicle to attain the status of an SEC reporting company.
Additionally, accredited investors who own or purchase shares from the Trust’s private placement now have an earlier liquidity opportunity as the statutory holding period of shares purchased through the private placement will be reduced from 12 months to 6 months, provided the other requirements under Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”) have been satisfied.***
The Trust will now file its quarterly and annual reports as well as audited financial statements as 10-Qs and 10-Ks with the SEC, along with current reports on Form 8-K, in addition to complying with all other obligations under the Exchange Act.
For more information, please refer to the Information Statement, the Form 10 filing, and Grayscale’s FAQ page.
*Grayscale Bitcoin Trust offers a private placement on a periodic basis throughout the year to accredited investors and is currently open. Because the Trust does not currently operate a redemption program, there can be no assurance that the value of the Shares will approximate the value of Bitcoin held by the Trust, less the Trust’s expenses and other liabilities, and the Shares may trade at a substantial premium over, or a substantial discount to, the value of Bitcoin held by the Trust, less the Trust’s expenses and other liabilities.
**This voluntary filing should not be confused as an effort to classify Grayscale Bitcoin Trust as an exchange traded fund (ETF). The structure of the Trust will not change and it will continue to not operate a redemption program nor trade on a national securities exchange.
***The holding period reduction will become effective after Grayscale Bitcoin Trust has been a reporting company for at least 90 days and has satisfied the other requirements under Rule 144 of the Securities Act.
This press release is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About Grayscale Investments®
Grayscale Investments, LLC is the world’s largest digital currency asset manager, with more than $2.6B in assets under management, as of January 17, 2019. With a proven track record and unrivaled experience, we give investors the tools to make informed investing decisions in a burgeoning asset class. As part of Digital Currency Group, Grayscale accesses the world’s biggest network of digital currency intelligence to build better investment products. We have removed the barrier to entry so that institutions and investors can benefit from exposure to digital currencies. Now, forward-thinking investors can embrace a digital future within an institutional grade investment. Grayscale is headquartered in New York City. For more information on Grayscale, please visit www.grayscale.co or follow us on Twitter, @GrayscaleInvest.