Grayscale BTC Trust

Fund Description

GBTC is passively managed, offering exposure to the daily USD spot price of bitcoin (BTC). An investment in the fund is not a direct investment in bitcoin.
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FactSet Analyst Report

GBTC aims to track the price of bitcoin, less trust expenses and liabilities. It intends to provide accessibility to bitcoinwithout the complexities of acquiring, holding, and trading directly through a digital asset platform. The fund issues sharesonly in one or more blocks of 10,000 Shares to certain authorized participants from time to time. Baskets are offered inexchange for bitcoins. The fair value of the funds bitcoins are based on the price provided by an aggregate of variousdigital asset markets that the fund considers its principal market as of 4:00 p.m., NY time, on the valuation date. Thisserves as a once-a-day benchmark rate of bitcoins USD price. The fund will not utilise leverage. Tax consequences toshareholders is unclear. If treatment is similar to other physical precious metal ETFs, shares are taxed at the higher rate ofcollectibles. The fund may also sell bitcoin in order to pay trust expenses. As a result, this may be reflected as a return ofcapital and an income expense.