GBTC Grayscale Bitcoin Trust ETF

Grayscale Investments®, the world’s largest crypto asset manager*, offering more than 20 crypto investment products, previously announced that it has set a record date of July 30, 2024 (the “Record Date”) for the initial creation and distribution of shares of Grayscale Bitcoin Mini Trust (the “BTC Trust”) to shareholders of Grayscale Bitcoin Trust (Ticker: GBTC) (“GBTC”) (referred to as the “Initial Distribution”). Grayscale also previously announced an intention to list Grayscale Bitcoin Mini Trust on NYSE Arca, subject to required regulatory approvals, under the ticker symbol “BTC.”

Today, Grayscale is confirming that from and after July 30, 2024, anyone who purchases GBTC shares will not be entitled to receive BTC shares in the Initial Distribution. Additionally, Grayscale currently expects the Initial Distribution Date to be July 31, 2024, following (i) the filing and effectiveness of the BTC Trust’s registration statement on Form 8-A to register the BTC Shares under the Exchange Act, (ii) the effectiveness of the BTC Trust’s registration statement on Form S-1 (Registration No. 333-277837) under the Securities Act, and (iii) the BTC Shares having been approved for listing on NYSE Arca. No assurance can be given that the Initial Distribution will occur on Grayscale’s anticipated timeline, and Grayscale will update the market to the extent its expectations change.

Record Date	July 30, 2024
Ratio of GBTC Shares: BTC Shares	1:1
% of Bitcoin held by GBTC contributed to the BTC Trust	10%
Anticipated Distribution Date	July 31, 2024

*By AUM as of July 28, 2024

NO OFFER OR SOLICITATIONThis communication is for informational purposes, solely in your capacity as a shareholder of GBTC, and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No shareholder approval of the distribution is required by applicable law, and we are not seeking GBTC shareholder approval.

ADDITIONAL INFORMATION AND WHERE TO FIND ITA definitive information statement on Schedule 14C will be furnished to GBTC shareholders for the purpose of informing GBTC shareholders of the distribution, in substantial compliance with Regulation 14C of the Exchange Act. The information statement will describe the Grayscale Bitcoin Mini Trust, risks of owning shares of the Grayscale Bitcoin Mini Trust and other details regarding the distribution, and will be made available on our website at www.grayscale.com/documents#regulatoryfilings. GBTC shareholders will not need to pay any consideration, exchange or surrender existing GBTC shares, or take any other action to receive shares of the Grayscale Bitcoin Mini Trust in connection with the distribution.

Grayscale Bitcoin Trust (GBTC) (the “Trust”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833)903-2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101. Foreside Fund Services, LLC is the Marketing Agent for the Trust. 

The Grayscale Bitcoin Mini Trust has filed a registration statement with the Securities and Exchange Commission but it is not yet effective. An investment in the fund cannot be made, nor money accepted, until the registration statement is effective. An investor should consider the investment objectives, risks, and charges and expenses of the fund carefully before investing. A preliminary prospectus which contains this and other information about the fund may be obtained by calling (833)903-2211 or visiting https://online.flippingbook.com/view/752663734/. The information in the preliminary prospectus is not complete and may be changed. The final prospectus should be read carefully before investing, and when available may be obtained from the same source. This communication is not an offer to sell fund shares and is not soliciting an offer to buy fund shares in any state where the offer or sale is not permitted.

Investing involves significant risk, including possible loss of principal. The Trust holds Bitcoin; however, an investment in the Trust is not a direct investment in Bitcoin. There is no certainty that an active trading market for shares will develop or be maintained which will adversely affect the liquidity of shares of the Trust. 

Grayscale Investments, LLC is the Sponsor of Grayscale Bitcoin Trust and Grayscale Bitcoin Mini Trust.

About Grayscale Investments®Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world's largest crypto asset manager. Investors, advisors, and allocators turn to Grayscale's private placements, public quotations, and ETPs for single asset, diversified, and thematic exposure. Grayscale products are distributed by Grayscale Securities, LLC (Member FINRA/SIPC).

Media ContactJennifer Rosenthalpress@grayscale.com