|Grayscale Bitcoin Trust (BTC) ("GBTC") is an investment vehicle that enables investors to gain access and exposure to Bitcoin in the form of a security without the challenges of buying, storing, and safekeeping Bitcoin directly. Shares are distributed through sales in private placement transactions and become eligible to sell into the public market after a statutory six-month holding period. While an investment in the shares is not a direct investment in Bitcoin, the shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to Bitcoin. The shares are quoted on OTCQX under the ticker symbol "GBTC." GBTC's investment objective is for its shares (based on Bitcoin per share) to reflect the value of the Bitcoin held by GBTC, less GBTC's expenses and other liabilities. To date, GBTC has not met its investment objective and the Shares quoted on OTCQX have not reflected the value of Bitcoin held by GBTC, less GBTC's expenses and other liabilities, but have instead traded at both premiums and discounts to such value, which at times have been substantial. In the event the Shares trade at a substantial premium, investors who purchase Shares on OTCQX will pay substantially more for their Shares than investors who purchase Shares in the private placement. Bitcoin per share is updated daily: https://grayscale.com/products/grayscale-bitcoin-trust/. GBTC's sponsor is Grayscale Investments.