GBTC - Grayscale Investments® Announces Record Date and Distribution Date for Grayscale Bitcoin Trust (Ticker: GBTC) Shareholders | Benzinga

STAMFORD, Conn., July 19, 2024 (GLOBE NEWSWIRE) -- Grayscale Investments®, the world's largest crypto asset manager*, offering more than 20 crypto investment products, today 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 intends to list the BTC Trust on NYSE Arca, subject to required regulatory approvals, under the ticker symbol "BTC." GBTC is not a fund registered under the Investment Company Act of 1940 and is not subject to regulation under the Investment Company Act of 1940, unlike most mutual funds or ETFs.

As part of the contemplated Initial Distribution, each holder of shares (the "GBTC Shares") of GBTC as of 4:00 PM ET on the Record Date will be entitled to receive shares (the "BTC Shares") of the BTC Trust, a Delaware statutory trust sponsored by Grayscale, as described in a preliminary information statement on Schedule 14C, initially filed with the Securities and Exchange Commission on April 12, 2024 and most recently amended on May 10, 2024 (the "Preliminary Information Statement"). GBTC will also file a definitive information statement on Schedule 14C with the Securities and Exchange Commission on or after the Record Date.

In the Initial Distribution, GBTC will contribute 10% of the Bitcoin that it holds as of 4:00 PM ET on the Record Date to the BTC Trust, and each holder of GBTC Shares as of 4:00 PM ET on the Record Date will be entitled to receive BTC Shares pro rata based on a 1:1 ratio, such that for each one (1) GBTC Share held by an GBTC shareholder as of 4:00 PM ET on the Record Date, such GBTC shareholder will be entitled to receive one (1) BTC Share on the Distribution Date, as described below and in the Preliminary Information Statement. GBTC shareholders will not need to pay any consideration, exchange or surrender existing GBTC Shares, or take any other action to receive BTC Shares.

On and after July 30, 2024, anyone who purchases GBTC shares will not be entitled to receive BTC shares in the Initial Distribution.

Importantly, both the launch of the BTC Trust and the Initial Distribution of BTC Shares to GBTC shareholders are subject to regulatory review and customary conditions. Grayscale currently expects the 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.

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