Grayscale Bitcoin Trust BTC

The Trust is an investment trust, formed on September 13, 2013 under the Delaware Statutory Trust Act pursuant to the Trust Agreement. Grayscale Investments, LLC is the Sponsor. Delaware Trust Company (formerly known as CSC Trust Company of Delaware) is the Trustee. Foreside Fund Services, LLC is the Marketing Agent. Coinbase, Inc. is the Prime Broker of the Trust and Coinbase Custody Trust Company, LLC is the Custodian. The Trust’s purpose is to hold Bitcoins, which are digital assets that are created and transmitted through the operations of the peer-to-peer Bitcoin Network, a decentralized network of computers that operates on cryptographic protocols. The Trust issues Shares only in one or more blocks of 10,000 Shares (a block of 10,000 Shares is called a “Basket”) to certain authorized participants (“Authorized Participants”) from time to time. Baskets are offered in exchange for Bitcoins (subject to the approval of the proposal, which would provide the Trust with alternative procedures for the creation and redemption of Shares in exchange for the receipt or delivery of cash). The Trust’s investment objective is for the value of the Shares (based on Bitcoin per Share) to reflect the value of Bitcoin held by the Trust less the Trust’s expenses and other liabilities. The Trust is not actively managed and does not take any actions to take advantage, or mitigate the impacts, of volatility in the price of Bitcoin. On January 11, 2024, Shares of the Trust began trading on NYSE Arca, Inc.