'GBTC' - Bitcoin Investment Trust (Over the Counter Security)

[bsteadman]

'GBTC' (Ticker Symbol) - Bitcoin Investment Trust

OTC Markets
Over the Counter Stock Market

Excerpt:

Business Description

Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in bitcoin and derives its value solely from the price of bitcoin. It enables investors to gain exposure to the price movement of bitcoin without the challenge of buying, storing, and safekeeping bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group.

Each BIT share represented ownership of 0.1 bitcoins initially. The trust will not generate any income and regularly sells/distributes bitcoins to pay for its ongoing expenses. Therefore, the amount of bitcoin represented by each share gradually declines over time.

View the complete presentation at:

http://www.otcmarkets.com/stock/GBTC/profile

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Grayscale Investments files to list its bitcoin trust on NYSE

MarketWatch
by Joseph Adinolfi
1/20/2017

Grayscale Investments has filed to list its Bitcoin Investment Trust, GBTC on the New York Stock Exchange in a $500 million initial public offering, according to documents submitted to the Securities and Exchange Commission on Friday. Shares of the trust, which presently trades over the counter, have been trading at a premium to the bitcoin price. The trust, which back in 2013 and exclusively invests in bitcoin, is one of the only options available to institutional investors wishing to gain exposure to the currency. The Bank of New York Mellon will serve as the transfer agent for shares of the fund, and Xapo Inc., a bitcoin wallet and vault company, will serve as custodian of the trust's bitcoins. The application comes as the SEC is mulling whether to approve two proposed bitcoin exchange-traded funds. If approved, they would be the first ETFs exclusively focused on bitcoin.

View the original post at:

http://www.marketwatch.com/story/gra...yse-2017-01-20

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BRAVE NEWCOIN - Digital Currency Insights

Re: GBTC
by Alex Sunnarborg

View the complete post, including images, at:

http://bravenewcoin.com/news/gbtc-no...asset-bitcoin/

This page updated 2/6/2017

[InspectorSmith]

bump.. (for myself at least to remember to post my thoughts sometime soon)

[bsteadman]

Bitcoin ETF Rejected: Winklevoss Twins Soulcrushed?

Published on March 10, 2017 by 'David Seaman'

[InspectorSmith]

GBTC fund is nowhere near the price of real bitcoin -

GBTC closed (yesterday) Friday at $405.00 (?)

Bitcoin itself was at approximately $2500.00 yesterday, $2800.00 the day before that and in $2000.00's for a number of days before that.

For a number of months Bitcoin has been at nearly $2000.00.

Moreover, bitcoin hasn't dropped below $1000 for long a time and it's been a year or so since Bitcoin was anywhere near the GBTC fund price of $405.

[bsteadman]

InspectorSmith (Lucas),

WOW. It's obvious to me, based on Barron's 5/27/2017 post you have reproduced above, that the American FINANCIAL ESTABLISHMENT (well represented by Barron's) is extremely FRIGHTENED of all that is represented by Bitcoin, and rightfully so. In this post they have disseminated FAKE, or at least very misleading, NEWS. They are trying to discourage millions of ordinary investors from profiting from the phenomenal price increase of Bitcoin. I am not disputing Barron's figures. However, it's shameful that they are implying that GBTC is a poor investment whereas this is definitely not the case.

My experience with GBTC over the counter security is as follows:

• On 4/5/2016, I purchased GBTC at $57.60 per share. Bitcoin was trading at about $421.99 each on that date.
• According to Barron's, on 5/26/2017 (yesterday) GBTC was worth $405.00 per share and Bitcoin was trading at $2500.00 each.

Bitcoin Price Increase - 5/26/2017 compared to 4/5/2016:

2500.00 / 421.99 = 5.92 X Increase (Great)

GBTC Price Increase - 5/26/2017 compared to 4/5/2016:

405.00 / 57.60 = 7.03 X Increase (Great)

That is, my investment value in GBTC increased by a factor of about 7 in just over one year's time!

GBTC (Bitcoin Investment Trust) is a private, open-ended trust that is invested exclusively in bitcoin and derives its value solely from the price of bitcoin.

The trust will not generate any income and regularly sells/distributes bitcoins to pay for its ongoing expenses. Therefore, the amount of bitcoin represented by each share gradually declines over time.

There are currently about 1.84 million shares of GBTC outstanding.

GBTC has been trading at a premium price compared to its ORIGINAL 0.1 Bitcoin price for at least the last year or so. I presume this is due to the GREAT PUBLIC DEMAND for shares of GBTC. I believe it's founder's request for an ETF (Exchange Trade Fund) security should be granted by the SEC for high-volume, convenient trading on one of the major establishment stock exchanges. An ETF has already been applied for but was REFUSED by the SEC -- (LOL).

GBTC is VERY CONVENIENT for me. If I want to buy some shares, I just enter a few computer clicks and the stock shows up in my brokerage account. If I want to sell a few shares (or even all of it) I just enter a few computer clicks and CASH shows up in my regular bank checking account. Expenses are minimal. Trading is very secure. FANTASTIC.

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btw. I sold off about 10% of my investment in GBTC on 5/23/2017. (As they say on Wall Street -- "YOU CAN NEVER GO BROKE TAKING PROFITS"). The Bitcoin price was going STRAIGHT UP TO THE MOON on that day and I thought is was time to take a little money off the table. It was due for a correction. I hope all goes well. We'll see.

[bsteadman]

Grayscale Investments, LLC Statement Regarding Bitcoin Investment Trust and Bitcoin Cash

PR Newswire
7/28/2017

Excerpt:

NEW YORK, July 28, 2017 /PRNewswire/ -- Grayscale Investments, LLC, the sponsor (the "Sponsor") of the Bitcoin Investment Trust (the "Trust")(OTCQX:GBTC), announced today plans to respond to the possible fork of the Bitcoin blockchain that would result in the creation of a new digital currency in addition to Bitcoin called Bitcoin Cash.

There is a chance that on or shortly after August 1, 2017, a group of miners and users will adopt a proposed modification to the Bitcoin software that would result in the creation of a digital currency known as Bitcoin Cash. As there is no official developer or group of developers that formally controls the Bitcoin Network, any individual can make modifications to the software, including those making it incompatible with the existing Bitcoin Network, and propose that miners and users adopt the changes. If a proposed modification is not accepted by a vast majority of miners and users, but is nonetheless accepted by a substantial population of participants in the Bitcoin Network, a "fork" in the Blockchain could develop, resulting in two separate Bitcoin Networks. If a permanent fork occurs, Bitcoin could evolve into two separate digital currencies.

The Sponsor currently expects to cause the Trust to liquidate any Bitcoin Cash associated with the Bitcoin held by the Trust and to cause the proceeds of such liquidation to be distributed on a pro rata basis to holders of units of the Trust. It is expected that any such distribution would be made only after allowing time for evaluation of the market for Bitcoin Cash and consideration of the manner in which to liquidate such Bitcoin Cash, which may be months after the fork occurs. As part of the evaluation of the market for Bitcoin Cash, the Sponsor expects to consider, among other factors, whether there are any appropriately regulated exchanges that have listed Bitcoin Cash. In addition, such distribution, if and when made, would be to owners who held Trust units on a specified record date, which is anticipated to be the day the fork occurs. The amount of any distribution will be net of expenses of the Sponsor and the Trust, including costs associated with liquidation and distribution.

Because of the uncertainty regarding whether Bitcoin Cash will be created at all and the timing and method of the creation of Bitcoin Cash and the development of trading markets for Bitcoin Cash, if any, the Sponsor can offer no assurance as to whether or when proceeds from the liquidation of any Bitcoin Cash associated with the Bitcoin held by the Trust will be distributed. Any such distribution may be delayed or prevented due to technical, regulatory, commercial or other considerations, including security concerns. In addition, the value of Bitcoin Cash may be such that the Sponsor determines that a distribution is impracticable given the costs of liquidation and distribution. The Sponsor plans to cause any liquidation of Bitcoin Cash and distribution of the proceeds therefrom to be effected in a manner intended to permit the Trust to continue to be treated as a grantor trust for U.S. federal income tax purposes, and expects that any Bitcoin Cash will be segregated from the Trust before its liquidation. Any action to be taken to respond to the creation of Bitcoin Cash will be subject to obtaining any necessary amendments to, or consents under, the trust agreement governing the Trust.

The Sponsor continues to evaluate all options open to the Trust with respect to Bitcoin Cash, and these plans are subject to change.

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View the complete article at:

http://www.nasdaq.com/press-release/...20170728-01117

[InspectorSmith]

The price and market cap of both Bitcoin and Bitcoin Cash can be monitored at the following site:

https://coinmarketcap.com/

Today August 7, 2017 -

Bitcoin is at $3217.51

and

Bitcoin Cash is at $241.14