Bitcoin Investment Trust Announces Abandonment of Bitcoin Diamond and Bytether
NEW YORK, Dec. 1, 2017 /PRNewswire/ — Grayscale Investments, LLC, the sponsor (the “Sponsor”) of the Bitcoin Investment Trust (OTCQX: GBTC) (the “Trust”), announced that it has irrevocably abandoned (i) all of the rights to Bitcoin Diamond tokens currently held by the Trust as a result of the fork in the Bitcoin blockchain on November 24, 2017 and (ii) all of the rights to Bytether tokens currently held by the Trust as a result of the fork in the Bitcoin blockchain on August 1, 2017. The Trust has not received, and will not receive, any direct or indirect consideration for the abandonment of these rights. As a consequence of the abandonment, the Trust has no right to receive any Bitcoin Diamond tokens or Bytether tokens at any point in the future, will not accept any Bitcoin Diamond tokens or Bytether tokens, or any payment in respect thereof, at any point in the future and will not otherwise take any action in the future inconsistent with such abandonment.
Shareholders should note that any future forks or airdrops on the Bitcoin Network may not be handled by the Sponsor in the same manner as the Bitcoin Diamond and Bytether forks. The Sponsor intends to evaluate each future fork or airdrop on a case-by-case basis in consultation with the Trust’s legal advisors, tax consultants, and custodian.
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
SOURCE Grayscale Investments, LLC
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