Investor Letter — March 02, 2015 I
[email protected]OTCQX® UpdateWe are pleased to announce that the Bitcoin Investment Trust's shares (BIT) have been assigned the ticker symbol GBTC by FINRA in connection with its approval of the Form 15c-211 filed by the BIT's market maker. The BIT's sponsor is now finalizing the process of obtaining approval from OTC Markets to allow BIT shares that have been held for at least 12 months to be quoted on OTCQX®, the top marketplace operated by OTC Markets Group, under the Alternative Reporting Standards. In addition, the BIT's sponsor is in the process of making the shares DTC-eligible to facilitate trading once it commences.
We anticipate that the BIT's shares will be eligible to be quoted on OTCQX® and DTC-eligible during the next few weeks, although we can make no guarantees as to exact timing. It is important to note the price of shares traded on OTCQX® will be established by market bids and asks and will not necessarily reflect the BIT's NAV/share or the spot price of bitcoin. In addition, no assurances can be given as to whether an active public secondary market for the shares will develop or be maintained.
As always, qualified accredited investors may choose to invest in shares of the BIT directly through the BIT's ongoing private placement at the daily NAV/share
1. Please note that BIT shares purchased through the ongoing private placement are subject to significant resale and transferability limitations and will not be eligible to be sold on OTCQX® until held for more than one year. BIT shares purchased on OTCQX®, however, are freely tradable once purchased.
Steps to Sell Shares on OTCQX®Once we obtain the necessary approvals to enable the BIT shares to be quoted on OTCQX®, we will send you further details. In the meantime, please see some information that will be of interest to investors that have held BIT shares for at least 12 months and who will be eligible sell those shares on OTCQX®.
- Our transfer agent, Continental Stock Transfer & Trust, will be mailing each eligible shareholder a share ownership statement.
- This statement will include instructions on how to have your shares electronically transferred via Direct Registration System (DRS) to the broker of your choice.
- Once your shares have been transferred to your brokerage account, you will be able to place an order to sell your shares.
- Shareholders may continue to hold their shares in DRS book-entry form with Continental if they so choose.
- If you have any questions regarding your share ownership statement, if your address has recently changed, or if you have any other questions at this time regarding transferring your shares to your own brokerage account, please contact Continental at (800) 509-5586 or (212) 509-4000.
As always, please also do not hesitate to contact us with any questions or concerns about this process.
To the extent that you do not already have a personal brokerage account and would like to establish one, we would be happy to put you in contact with Merriman Capital, the broker dealer that is both the BIT's initial market maker and its Designated Advisor for Disclosure (DAD).
1The BIT's NAV/share will be published each U.S. business day on the sponsor's website:
www.grayscale.co 
