Grayscale Bitcoin Trust (Btc)

Grayscale Bitcoin Trust (BTC), formerly Bitcoin Investment Trust, holds bitcoins and, from time to time, issues creation baskets in exchange for deposits of bitcoins and distributes bitcoins in connection with redemption baskets. The activities of the Trust includes issuing Baskets in exchange for bitcoins deposited by the authorized participants or liquidity providers, as applicable, with the custodian as consideration and transferring actual bitcoins as necessary to cover the combined fee and selling bitcoins as necessary to pay extraordinary fees. The activities of the Trust also includes transferring actual bitcoins in exchange for Baskets surrendered for redemption by the authorized participants, causing the sponsor to sell bitcoins on the termination of the Trust. The Trust also engages in all administrative and custodial procedures necessary to accomplish such activities in accordance with the provisions of the trust agreement.