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Monday, December 4, 2017

Bitcoin Investment Trust (GBTC) to resume private placements of shares

Grayscale Investments is the investment community's trusted authority on digital currency investing.
  • HQ: New York, New York, United States
  • Founded: 2013
  • Number of Employees: 1-10
  • Website: grayscale.co

  


 
One week (12/11;  $1,799) and 2 weeks later (12/18;  $3,4885;  +100%)

Bitcoin Investment Trust to resume private placements of shares today 
Grayscale Investments, LLC, the sponsor of the Bitcoin Investment Trust, 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.

Description

Bitcoin Investment Trust holds bitcoins and, from time to time, issues creation baskets in exchange for deposits of bitcoins and distributes bitcoins in connection with redemption baskets. The activities of the Trust includes issuing Baskets in exchange for bitcoins deposited by the authorized participants or liquidity providers, as applicable, with the custodian as consideration and transferring actual bitcoins as necessary to cover the combined fee and selling bitcoins as necessary to pay extraordinary fees. The activities of the Trust also includes transferring actual bitcoins in exchange for Baskets surrendered for redemption by the authorized participants, causing the sponsor to sell bitcoins on the termination of the Trust. The Trust also engages in all administrative and custodial procedures necessary to accomplish such activities in accordance with the provisions of the trust agreement, the custodian agreement, the license agreements and the participant agreements.

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