GBTC

GBTC aims to track the price of bitcoin, less trust expenses and liabilities. It intends to provide accessibility to bitcoin without the complexities of acquiring, holding, and trading directly through a digital asset platform. The fund issues shares only in one or more blocks of 10,000 Shares to certain authorized participants from time to time. Baskets are offered in exchange for bitcoins. The fair value of the fund's bitcoins are based on the price provided by an aggregate of various digital asset markets that the fund considers its principal market as of 4:00 p.m., NY time, on the valuation date. This serves as a once-a-day benchmark rate of bitcoin's USD price. The fund will not utilise leverage. Tax consequences to shareholders is unclear. If treatment is similar to other physical precious metal ETFs, shares are taxed at the higher rate of "collectibles.” The fund may also sell bitcoin in order to pay trust expenses. As a result, this may be reflected as a return of capital and an income expense.