Grayscale Investments, LLC Announces Withdrawal of Rule 19b‑4 Application for Bitcoin Investment Trust

NEW YORK, Sept. 27, 2017

Earlier this year, the SEC rejected two similar Rule 19b‑4 applications for the exchange listing of digital currency products, based upon the SEC's analysis of the current state of regulation of the underlying digital currency markets and related derivatives markets. Grayscale has been closely monitoring regulatory developments in these markets, and although digital currency market regulation continues to rapidly evolve, at this time Grayscale does not believe there have been enough regulatory developments to prompt the SEC to approve the Rule 19b‑4 application for the Bitcoin Investment Trust.

Grayscale intends to continue its dialogue with the SEC and to closely monitor regulatory developments in order to be prepared to proceed with an exchange listing for the Bitcoin Investment Trust when conditions permit, although Grayscale cannot predict when this will be.

Withdrawal of the Rule 19b‑4 application does not affect the Bitcoin Investment Trust's quotation on the OTCQX.

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 Investments, LLC provides market insight and investment exposure to the developing digital currency asset class.

Grayscale Investments, LLC is headquartered in New York City.