Grayscale Investments Announces Launch of Bitcoin Cash Investment Trust, Ethereum Investment Trust, Litecoin Investment Trust and XRP Investment Trust

NEW YORK, March 6, 2018

"We are thrilled to expand Grayscale's offerings to meet rising investor demand," said Michael Sonnenshein, Managing Director at Grayscale. "Our team is committed to bridging the gap between the global investment community and the digital currency asset class. We remain focused on product creation and will continue to launch more single-asset and diversified products to provide exposure where investors are looking for it."

Each of the Trusts' shares are among the first securities solely invested in Bitcoin Cash ("BCH"), Ethereum ("ETH"), Litecoin ("LTC"), and Ripple ("XRP"), respectively. The investment objective of each Trust is for the shares to reflect the value of BCH, ETH, LTC, and XRP, respectively, held by each Trust, as determined by reference to the TradeBlock index for each digital asset at 4:00 p.m. New York time, less each Trust's expenses and other liabilities. Grayscale believes that the shares represent a cost-effective and convenient way to gain digital asset exposure relative to a direct investment in digital assets.

The Trusts do not currently operate a redemption program. As a result, there can be no assurance that the value of the shares will approximate the value of the respective digital asset held by each Trust and the shares may trade at a substantial premium over, or discount to, the value of the digital assets held by each Trust, if traded on any secondary market in the future.

Each Trust is a Delaware statutory trust based in the United States. The private placements of shares have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and the shares are being offered pursuant to an exemption from registration provided by Rule 506(c) of Regulation D under the Securities Act and in reliance on similar exemptions under applicable state laws. An investment in the shares of the Trust is suitable only for sophisticated investors, and the Trusts are offering shares on an ongoing basis only to certain "accredited investors" within the meaning of Rule 501(a) of Regulation D of the Securities Act. Investors will be required to represent that they are "accredited investors" as such term is defined therein. The shares are only available for purchase through certain authorized participants engaged by Grayscale on behalf of each Trust.

As described more fully in each Trust's private placement memorandum, an investment in any of the Trusts is highly speculative in nature. In addition, each Trust's shares are subject to a one-year holding period in accordance with Rule 144 under the Securities Act before they can be resold without restriction. Because of the one-year holding period and the lack of an ongoing redemption program, shares should not be purchased by any investor who is not willing and able to bear the risk of investment and lack of liquidity for at least one year. No assurances are given that after the one year holding period, there will be any market for the resale of shares, or, if there is such a market, as to the price at which such shares may be sold into such a market. Please read the private placement memorandum for each Trust carefully for a discussion of these and other risks.

This press release does not constitute an offer to sell or a solicitation of an offer to purchase these securities, nor should there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful. Offers to sell each Trust's shares are made solely pursuant to each Trust's private placement memorandum.