NEW YORK, Jan. 13, 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 Trust will resume the private placement of its shares. The Trust’s private placement is offered on a periodic basis throughout the year and is now currently available to accredited investors for daily subscription.
The Trust’s investment objective is for the value of its shares (based on Bitcoin per share) to reflect the price performance of Bitcoin, less fees and expenses. The Trust is solely and passively invested in Bitcoin and was created for investors seeking exposure to Bitcoin through a traditional investment vehicle. As of January 10, 2020, the Trust has more than $2.06 billion in assets under management (AUM) and each share of the Trust represents 0.00096884 Bitcoin.
Following a one-year holding period, shareholders who invest in the private placement may elect to sell their shares at prices dictated by the market under the symbol: GBTC.* 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.
The Trust is a traditional investment vehicle with shares titled in the investor’s name, providing a familiar structure for financial and tax advisors and easy transferability to beneficiaries under estate laws. Additionally, shares are eligible to be held in certain IRA, Roth IRA, and other brokerage and investor accounts.
The private placement shares have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and the sha...