www.grayscale.com Open in urlscan Pro
2606:4700::6812:af2  Public Scan

Submitted URL: http://grayscale-stellar.com/
Effective URL: https://www.grayscale.com/
Submission: On May 10 via api from US — Scanned from DE

Form analysis 6 forms found in the DOM

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    <legend class="visuallyhidden">Consent Selection</legend>
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Text Content

Powered by Cookiebot
 * Consent
 * Details
 * [#IABV2SETTINGS#]
 * About


THIS WEBSITE USES COOKIES

We use cookies to improve your experience to:

 * Enhance your experience on our websites.
 * Help us show you more relevant content.
 * Enable site functionality, security, and network management, which remain
   always active.

By clicking “Allow all”, you are agreeing to the placement and use of cookies as
described herein. You can always change your preferences by clicking the icon at
the bottom of your window. For more information, see our Privacy Policy.


Consent Selection
Necessary

Preferences

Statistics

Marketing

Show details
 * Necessary 18
   
   Necessary cookies help make a website usable by enabling basic functions like
   page navigation and access to secure areas of the website. The website cannot
   function properly without these cookies.
    * Adelphic
      1
      Learn more about this provider
      cuUsed to detect if the visitor has accepted the marketing category in the
      cookie banner. This cookie is necessary for GDPR-compliance of the
      website.
      Expiry: 1 yearType: HTTP
    * Azure
      3
      Learn more about this provider
      AI_bufferUsed in context with the "AI_sentBuffer" in order to limit the
      number of data-server-updates (Azure). This synergy also allows the
      website to detect any duplicate data-server-updates.
      Expiry: SessionType: HTML
      AI_sentBufferUsed in context with the "AI_buffer" in order to limit the
      number of data-server-updates (Azure). This synergy also allows the
      website to detect any duplicate data-server-updates.
      Expiry: SessionType: HTML
      ai_sessionPreserves users states across page requests.
      Expiry: 1 dayType: HTTP
    * Cookiebot
      1
      Learn more about this provider
      1.gifUsed to count the number of sessions to the website, necessary for
      optimizing CMP product delivery.
      Expiry: SessionType: Pixel
    * Google
      1
      Learn more about this provider
      test_cookieUsed to check if the user's browser supports cookies.
      Expiry: 1 dayType: HTTP
    * LinkedIn
      3
      Learn more about this provider
      bcookieUsed in order to detect spam and improve the website's security.
      Expiry: 1 yearType: HTTP
      li_gcStores the user's cookie consent state for the current domain
      Expiry: 180 daysType: HTTP
      bscookieThis cookie is used to identify the visitor through an
      application. This allows the visitor to login to a website through their
      LinkedIn application for example.
      Expiry: 1 yearType: HTTP
    * grayscale.com
      pages.grayscale.com
      
      2
      __cf_bm [x2]This cookie is used to distinguish between humans and bots.
      This is beneficial for the website, in order to make valid reports on the
      use of their website.
      Expiry: 1 dayType: HTTP
    * pages.grayscale.com
      1
      BIGipServer#Used to distribute traffic to the website on several servers
      in order to optimise response times.
      Expiry: SessionType: HTTP
    * pages.grayscale.com
      consent.cookiebot.com
      
      2
      CookieConsent [x2]Stores the user's cookie consent state for the current
      domain
      Expiry: 1 yearType: HTTP
    * www.grayscale.com
      4
      ARRAffinityUsed to distribute traffic to the website on several servers in
      order to optimise response times.
      Expiry: SessionType: HTTP
      ARRAffinitySameSiteUsed to distribute traffic to the website on several
      servers in order to optimise response times.
      Expiry: SessionType: HTTP
      TiPMixRegisters which server-cluster is serving the visitor. This is used
      in context with load balancing, in order to optimize user experience.
      Expiry: 1 dayType: HTTP
      x-ms-routing-nameRegisters which server-cluster is serving the visitor.
      This is used in context with load balancing, in order to optimize user
      experience.
      Expiry: 1 dayType: HTTP

 * Preferences 10
   
   Preference cookies enable a website to remember information that changes the
   way the website behaves or looks, like your preferred language or the region
   that you are in.
    * Meta Platforms, Inc.
      2
      Learn more about this provider
      lastExternalReferrerDetects how the user reached the website by
      registering their last URL-address.
      Expiry: PersistentType: HTML
      lastExternalReferrerTimeDetects how the user reached the website by
      registering their last URL-address.
      Expiry: PersistentType: HTML
    * LinkedIn
      1
      Learn more about this provider
      lidcRegisters which server-cluster is serving the visitor. This is used in
      context with load balancing, in order to optimize user experience.
      Expiry: 1 dayType: HTTP
    * Lotame
      1
      Learn more about this provider
      qmapNecessary for the website’s 3D-map function.
      Expiry: SessionType: Pixel
    * www.chiefmedia.com
      2
      _original_datetimePending
      Expiry: 1 dayType: HTTP
      _referrerPending
      Expiry: 1 dayType: HTTP
    * www.grayscale.com
      4
      loglevelMaintains settings and outputs when using the Developer Tools
      Console on current session.
      Expiry: PersistentType: HTML
      wistia-video-progress-#Contains a timestamp for the website’s
      video-content. This allows the user to resume watching without having to
      start over, if the user leaves the video or website.
      Expiry: PersistentType: HTML
      grayscale_intro_animation_playedPending
      Expiry: PersistentType: HTML
      time_zoneHolds the users timezone.
      Expiry: 1 yearType: HTTP

 * Statistics 27
   
   Statistic cookies help website owners to understand how visitors interact
   with websites by collecting and reporting information anonymously.
    * Appnexus
      1
      Learn more about this provider
      bounceDetermines if a user leaves the website straight away. This
      information is used for internal statistics and analytics by the website
      operator.
      Expiry: SessionType: Pixel
    * Azure
      1
      Learn more about this provider
      ai_userUsed by Microsoft Application Insights software to collect
      statistical usage and telemetry information. The cookie stores a unique
      identifier to recognize users on returning visits over time.
      Expiry: 1 yearType: HTTP
    * Episerver
      3
      Learn more about this provider
      ia.gifPending
      Expiry: SessionType: Pixel
      iv [x2]Registers statistical data on users' behaviour on the website. Used
      for internal analytics by the website operator.
      Expiry: 2 yearsType: HTTP
    * Google
      6
      Learn more about this provider
      collectUsed to send data to Google Analytics about the visitor's device
      and behavior. Tracks the visitor across devices and marketing channels.
      Expiry: SessionType: Pixel
      _gaRegisters a unique ID that is used to generate statistical data on how
      the visitor uses the website.
      Expiry: 2 yearsType: HTTP
      _ga_#Used by Google Analytics to collect data on the number of times a
      user has visited the website as well as dates for the first and most
      recent visit.
      Expiry: 2 yearsType: HTTP
      _gatUsed by Google Analytics to throttle request rate
      Expiry: 1 dayType: HTTP
      _gidRegisters a unique ID that is used to generate statistical data on how
      the visitor uses the website.
      Expiry: 1 dayType: HTTP
      tdRegisters statistical data on users' behaviour on the website. Used for
      internal analytics by the website operator.
      Expiry: SessionType: Pixel
    * Hotjar
      5
      Learn more about this provider
      _hjSession_#Collects statistics on the visitor's visits to the website,
      such as the number of visits, average time spent on the website and what
      pages have been read.
      Expiry: 1 dayType: HTTP
      _hjSessionUser_#Collects statistics on the visitor's visits to the
      website, such as the number of visits, average time spent on the website
      and what pages have been read.
      Expiry: 1 yearType: HTTP
      _hjTLDTestRegisters statistical data on users' behaviour on the website.
      Used for internal analytics by the website operator.
      Expiry: SessionType: HTTP
      hjActiveViewportIdsThis cookie contains an ID string on the current
      session. This contains non-personal information on what subpages the
      visitor enters – this information is used to optimize the visitor's
      experience.
      Expiry: PersistentType: HTML
      hjViewportIdSaves the user's screen size in order to adjust the size of
      images on the website.
      Expiry: SessionType: HTML
    * LinkedIn
      1
      Learn more about this provider
      AnalyticsSyncHistoryUsed in connection with data-synchronization with
      third-party analysis service.
      Expiry: 30 daysType: HTTP
    * Microsoft
      5
      Learn more about this provider
      c.gifCollects data on the user’s navigation and behavior on the website.
      This is used to compile statistical reports and heatmaps for the website
      owner.
      Expiry: SessionType: Pixel
      _clckCollects data on the user’s navigation and behavior on the website.
      This is used to compile statistical reports and heatmaps for the website
      owner.
      Expiry: 1 yearType: HTTP
      _clskRegisters statistical data on users' behaviour on the website. Used
      for internal analytics by the website operator.
      Expiry: 1 dayType: HTTP
      _cltkRegisters statistical data on users' behaviour on the website. Used
      for internal analytics by the website operator.
      Expiry: SessionType: HTML
      CLIDCollects data on the user’s navigation and behavior on the website.
      This is used to compile statistical reports and heatmaps for the website
      owner.
      Expiry: 1 yearType: HTTP
    * Twitter Inc.
      1
      Learn more about this provider
      personalization_idThis cookie is set by Twitter - The cookie allows the
      visitor to share content from the website onto their Twitter profile.
      Expiry: 400 daysType: HTTP
    * a-16261128.scripts.gatorapi.com
      1
      __na_u_16261128Pending
      Expiry: 632 daysType: HTTP
    * www.grayscale.com
      3
      wistiaUsed by the website to track the visitor's use of video-content -
      The cookie roots from Wistia, which provides video-software to websites.
      Expiry: PersistentType: HTML
      __na_cRegisters statistical data on users' behaviour on the website. Used
      for internal analytics by the website operator.
      Expiry: SessionType: HTTP
      EPiStateMarkerThis cookie is used to distinguish the browser that the
      visitor is using. The server automatically assigns an ID string to that
      browser, so that the website can identify the visitor again when
      reentering the website.
      Expiry: SessionType: HTTP

 * Marketing 84
   
   Marketing cookies are used to track visitors across websites. The intention
   is to display ads that are relevant and engaging for the individual user and
   thereby more valuable for publishers and third party advertisers.
    * Meta Platforms, Inc.
      1
      Learn more about this provider
      _fbpUsed by Facebook to deliver a series of advertisement products such as
      real time bidding from third party advertisers.
      Expiry: 3 monthsType: HTTP
    * Adobe Inc.
      3
      Learn more about this provider
      demconf.jpgSets a unique ID for the visitor, that allows third party
      advertisers to target the visitor with relevant advertisement. This
      pairing service is provided by third party advertisement hubs, which
      facilitates real-time bidding for advertisers.
      Expiry: SessionType: Pixel
      demdexVia a unique ID that is used for semantic content analysis, the
      user's navigation on the website is registered and linked to offline data
      from surveys and similar registrations to display targeted ads.
      Expiry: 180 daysType: HTTP
      dpmSets a unique ID for the visitor, that allows third party advertisers
      to target the visitor with relevant advertisement. This pairing service is
      provided by third party advertisement hubs, which facilitates real-time
      bidding for advertisers.
      Expiry: 180 daysType: HTTP
    * Amobee
      2
      Learn more about this provider
      r/beaconUsed to track the visitor across multiple devices including TV.
      This is done in order to re-target the visitor through multiple channels.
      Expiry: SessionType: Pixel
      uidCollects anonymous data related to the user's visits to the website,
      such as the number of visits, average time spent on the website and what
      pages have been loaded, with the purpose of displaying targeted ads.
      Expiry: 180 daysType: HTTP
    * Appnexus
      4
      Learn more about this provider
      anjRegisters a unique ID that identifies a returning user's device. The ID
      is used for targeted ads.
      Expiry: 3 monthsType: HTTP
      pixiePresents the user with relevant content and advertisement. The
      service is provided by third-party advertisement hubs, which facilitate
      real-time bidding for advertisers.
      Expiry: SessionType: Pixel
      uuid2Registers a unique ID that identifies a returning user's device. The
      ID is used for targeted ads.
      Expiry: 3 monthsType: HTTP
      XANDR_PANIDThis cookie registers data on the visitor. The information is
      used to optimize advertisement relevance.
      Expiry: 3 monthsType: HTTP
    * Bluekai.com
      1
      Learn more about this provider
      site/#Pending
      Expiry: SessionType: Pixel
    * Clearbit
      1
      Learn more about this provider
      rack.sessionUsed in context with video-advertisement. The cookie limits
      the number of times a user is shown the same advertisement. The cookie is
      also used to ensure relevance of the video-advertisement to the specific
      user.
      Expiry: 7 daysType: HTTP
    * Dataxu
      1
      Learn more about this provider
      wfivefivecCollects data on the user's visits to the website, such as what
      pages have been loaded. The registered data is used for targeted ads.
      Expiry: 13 monthsType: HTTP
    * Episerver
      2
      Learn more about this provider
      is [x2]Registers a unique ID that identifies a returning user's device.
      The ID is used for targeted ads.
      Expiry: 1 dayType: HTTP
    * Google
      15
      Learn more about this provider
      IDEUsed by Google DoubleClick to register and report the website user's
      actions after viewing or clicking one of the advertiser's ads with the
      purpose of measuring the efficacy of an ad and to present targeted ads to
      the user.
      Expiry: 1 yearType: HTTP
      pagead/landingCollects data on visitor behaviour from multiple websites,
      in order to present more relevant advertisement - This also allows the
      website to limit the number of times that they are shown the same
      advertisement.
      Expiry: SessionType: Pixel
      ads/ga-audiencesUsed by Google AdWords to re-engage visitors that are
      likely to convert to customers based on the visitor's online behaviour
      across websites.
      Expiry: SessionType: Pixel
      ddm/activity/src=14076244;dc_pre=CIi-04qZ_oUDFa7MOwIdx5YKFQ;type=retar0;cat=siter0;ord=8354272374968;npa=1;gdid=dMWZhNz;uaa=x86;uab=64;uafvl=Not%2520A(Brand%3B99.0.0.0%7CHeadlessChrome%3B121.0.6167.57%7CChromium%3B121.0.6167.57;uamb=0;uam=;uap=Windows;uaPending
      Expiry: SessionType: Pixel
      ddm/activity/src=14076244;dc_pre=CIqe_veY_oUDFXVcHgId4ikEwA;type=retar0;cat=siter0;ord=7116888979628;npa=1;gdid=dMWZhNz;uaa=x86;uab=64;uafvl=Not%2520A(Brand%3B99.0.0.0%7CHeadlessChrome%3B121.0.6167.57%7CChromium%3B121.0.6167.57;uamb=0;uam=;uap=Windows;uaPending
      Expiry: SessionType: Pixel
      ddm/activity/src=14076244;dc_pre=CJ-lzfyY_oUDFXnPOwIdze0CVg;type=retar0;cat=siter0;ord=6648893597448;npa=1;gdid=dMWZhNz;uaa=x86;uab=64;uafvl=Not%2520A(Brand%3B99.0.0.0%7CHeadlessChrome%3B121.0.6167.57%7CChromium%3B121.0.6167.57;uamb=0;uam=;uap=Windows;uaPending
      Expiry: SessionType: Pixel
      ddm/activity/src=14076244;dc_pre=CJm1i4jbgIYDFRDdOwIdAv0IvQ;type=retar0;cat=siter0;ord=4279043685286;npa=1;gdid=dMWZhNz;uaa=x86;uab=64;uafvl=Not%2520A(Brand%3B99.0.0.0%7CHeadlessChrome%3B121.0.6167.57%7CChromium%3B121.0.6167.57;uamb=0;uam=;uap=Windows;uaPending
      Expiry: SessionType: Pixel
      ddm/activity/src=14076244;dc_pre=CKHSlo7bgIYDFfP0OwIdp3gPLA;type=retar0;cat=siter0;ord=896448599798;npa=1;gdid=dMWZhNz;uaa=x86;uab=64;uafvl=Not%2520A(Brand%3B99.0.0.0%7CHeadlessChrome%3B121.0.6167.57%7CChromium%3B121.0.6167.57;uamb=0;uam=;uap=Windows;uapPending
      Expiry: SessionType: Pixel
      ddm/activity/src=14076244;dc_pre=CLf8xo6Z_oUDFZNIkQUdZPwDCQ;type=retar0;cat=siter0;ord=4721462600150;npa=1;gdid=dMWZhNz;uaa=x86;uab=64;uafvl=Not%2520A(Brand%3B99.0.0.0%7CHeadlessChrome%3B121.0.6167.57%7CChromium%3B121.0.6167.57;uamb=0;uam=;uap=Windows;uaPending
      Expiry: SessionType: Pixel
      ddm/activity/src=14076244;dc_pre=CLPvjZWZ_oUDFdDZOwIdVOEIbQ;type=retar0;cat=siter0;ord=727253621537;npa=1;gdid=dMWZhNz;uaa=x86;uab=64;uafvl=Not%2520A(Brand%3B99.0.0.0%7CHeadlessChrome%3B121.0.6167.57%7CChromium%3B121.0.6167.57;uamb=0;uam=;uap=Windows;uapPending
      Expiry: SessionType: Pixel
      ddm/activity/src=14076244;dc_pre=CN6lp_DagIYDFcjIOwIdhQANuw;type=retar0;cat=siter0;ord=3323761586638;npa=1;gdid=dMWZhNz;uaa=x86;uab=64;uafvl=Not%2520A(Brand%3B99.0.0.0%7CHeadlessChrome%3B121.0.6167.57%7CChromium%3B121.0.6167.57;uamb=0;uam=;uap=Windows;uaPending
      Expiry: SessionType: Pixel
      ddm/activity/src=14076244;dc_pre=CO_83ZDbgIYDFeH0OwIdxNgN-A;type=retar0;cat=siter0;ord=6592957589415;npa=1;gdid=dMWZhNz;uaa=x86;uab=64;uafvl=Not%2520A(Brand%3B99.0.0.0%7CHeadlessChrome%3B121.0.6167.57%7CChromium%3B121.0.6167.57;uamb=0;uam=;uap=Windows;uaPending
      Expiry: SessionType: Pixel
      ddm/activity/src=14076244;dc_pre=COOevovbgIYDFb7yOwIdHk4K7w;type=retar0;cat=siter0;ord=4743598926756;npa=1;gdid=dMWZhNz;uaa=x86;uab=64;uafvl=Not%2520A(Brand%3B99.0.0.0%7CHeadlessChrome%3B121.0.6167.57%7CChromium%3B121.0.6167.57;uamb=0;uam=;uap=Windows;uaPending
      Expiry: SessionType: Pixel
      _gcl_auUsed by Google AdSense for experimenting with advertisement
      efficiency across websites using their services.
      Expiry: 3 monthsType: HTTP
      dot.gifPresents the user with relevant content and advertisement. The
      service is provided by third-party advertisement hubs, which facilitate
      real-time bidding for advertisers.
      Expiry: SessionType: Pixel
    * LinkedIn
      3
      Learn more about this provider
      li_sugrCollects data on user behaviour and interaction in order to
      optimize the website and make advertisement on the website more relevant.
      Expiry: 3 monthsType: HTTP
      UserMatchHistoryEnsures visitor browsing-security by preventing cross-site
      request forgery. This cookie is essential for the security of the website
      and visitor.
      Expiry: 30 daysType: HTTP
      li_adsIdCollects data on user behaviour and interaction in order to
      optimize the website and make advertisement on the website more relevant.
      Expiry: PersistentType: HTML
    * Marketo
      1
      Learn more about this provider
      _mkto_trkContains data on visitor behaviour and website interaction. This
      is used in context with the email marketing service Marketo.com, which
      allows the website to target visitors via email.
      Expiry: 2 yearsType: HTTP
    * Microsoft
      7
      Learn more about this provider
      MR [x2]Used to track visitors on multiple websites, in order to present
      relevant advertisement based on the visitor's preferences.
      Expiry: 7 daysType: HTTP
      MUID [x2]Used widely by Microsoft as a unique user ID. The cookie enables
      user tracking by synchronising the ID across many Microsoft domains.
      Expiry: 1 yearType: HTTP
      SRM_BTracks the user’s interaction with the website’s search-bar-function.
      This data can be used to present the user with relevant products or
      services.
      Expiry: 1 yearType: HTTP
      ANONCHKRegisters data on visitors from multiple visits and on multiple
      websites. This information is used to measure the efficiency of
      advertisement on websites.
      Expiry: 1 dayType: HTTP
      SMRegisters a unique ID that identifies the user's device during return
      visits across websites that use the same ad network. The ID is used to
      allow targeted ads.
      Expiry: SessionType: HTTP
    * Openx
      2
      Learn more about this provider
      iRegisters anonymised user data, such as IP address, geographical
      location, visited websites, and what ads the user has clicked, with the
      purpose of optimising ad display based on the user's movement on websites
      that use the same ad network.
      Expiry: 1 yearType: HTTP
      w/1.0/sdRegisters data on visitors such as IP addresses, geographical
      location and advertisement interaction. This information is used optimize
      the advertisement on websites that make use of OpenX.net services.
      Expiry: SessionType: Pixel
    * Reddit
      3
      Learn more about this provider
      rp.gifNecessary for the implementation of the Reddit.com's share-button
      function.
      Expiry: SessionType: Pixel
      _rdt_uuid [x2]Used to track visitors on multiple websites, in order to
      present relevant advertisement based on the visitor's preferences.
      Expiry: 3 monthsType: HTTP
    * Sitescout.com
      3
      Learn more about this provider
      _ssumaPresents the user with relevant content and advertisement. The
      service is provided by third-party advertisement hubs, which facilitate
      real-time bidding for advertisers.
      Expiry: 30 daysType: HTTP
      ssiRegisters a unique ID that identifies a returning user's device. The ID
      is used for targeted ads.
      Expiry: 1 yearType: HTTP
      up/5ee229b8941b1a07Pending
      Expiry: SessionType: Pixel
    * Tapad
      5
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      idsync/ex/receiveSets a unique ID for the visitor, that allows third party
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Grayscale Bitcoin Trust ETF ("GBTC" or "Trust")

The Grayscale Bitcoin Trust (BTC) (the “Trust”) has filed a registration
statement (including a prospectus) with the SEC for the offering to which this
communication relates. Before you invest, you should read the prospectus in that
registration statement and other documents the Trust has filed with the SEC for
more complete information about the Trust and this offering. You may get these
documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, the Trust or any authorized participant will arrange to send you
the prospectus (when available) if you request it by calling (833) 903-2211 or
by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100,
Portland, Maine 04101. 

Foreside Fund Services, LLC is the Marketing Agent for the Grayscale Bitcoin
Trust ETF. Foreside Fund Services, LLC is not affiliated with Grayscale
Securities, LLC or Grayscale Investments, LLC.

NAV per Share is not calculated in accordance with GAAP. NAV per Share is not
intended to be a substitute for the Trust's Principal Market NAV per Share
calculated in accordance with GAAP.

Extreme volatility of trading prices that many digital assets, including
Bitcoin, have experienced in recent periods and may continue to experience,
could have a material adverse effect on the value of GBTC and the shares could
lose all or substantially all of their value.

Digital assets represent a new and rapidly evolving industry. The value of GBTC
depends on the acceptance of the digital assets, the capabilities and
development of blockchain technologies and the fundamental investment
characteristics of the digital asset.

Digital asset networks are developed by a diverse set of contributors and the
perception that certain high-profile contributors will no longer contribute to
the network could have an adverse effect on the market price of the related
digital asset.

Digital assets may have concentrated ownership and large sales or distributions
by holders of such digital assets could have an adverse effect on the market
price of such digital assets.

The value of GBTC relates directly to the value of the underlying digital asset,
the value of which may be highly volatile and subject to fluctuations due to a
number of factors.

A substantial direct investment in digital assets may require expensive and
sometimes complicated arrangements in connection with the acquisition, security
and safekeeping of the digital asset and may involve the payment of substantial
acquisition fees from third party facilitators through cash payments of U.S.
dollars. Because the value of GBTC is correlated with the value of Bitcoin, it
is important to understand the investment attributes of, and the market for, the
underlying digital asset. Please consult with your financial professional.

Prior to 1/11/2024, shares of Grayscale Bitcoin Trust (BTC) (the “Trust”) were
offered only in private placement transactions exempt from registration under
the Securities Act of 1933, as amended (the “Securities Act”), and were quoted
on the OTCQX® Best Market. The Trust did not have an ongoing share creation and
redemption program. Effective as of the open of business on 1/11/2024, the
shares of the Trust were listed to NYSE Arca as an exchange-traded product, the
Trust established an ongoing share creation and redemption program and the
shares are being offered on a registered basis pursuant to a Registration
Statement on Form S-3.

The Trust’s investment objective both before and after 1/11/2024 has remained
constant, namely to reflect the value of Bitcoin held by the Trust, less the
Trust’s expenses and other liabilities. However prior to 1/11/2024, the Trust
did not meet its investment objective and the Trust’s shares traded at both
premiums and discounts to such value, which at times were substantial, in part
due to the lack of an ongoing redemption program. Furthermore, the Trust’s
performance prior to 1/11/2024 is based on market-determined prices on the
OTCQX, while the Trust’s performance following such date is based on
market-determined prices on NYSE Arca. As a result, the Trust’s historical data
prior to 1/11/2024 is not directly comparable to, and should not be used to make
conclusions in conjunction with, the Trust’s performance following that date.
The performance of the Trust before and after 1/11/2024 may differ
significantly.

Other Products Sponsored or Managed by Grayscale (“Products”)

Grayscale Investments, LLC (“Grayscale”) is the parent holding company of
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Investments managed by GSA are registered under the Investment Company Act of
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Carefully consider each Product’s investment objectives, risk factors, fees and
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Investments in the Products are speculative investments that involve high
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Extreme volatility of trading prices that many digital assets, including
Bitcoin, have experienced in recent periods and may continue to experience,
could have a material adverse effect on the value of the Product and the shares
of each Product could lose all or substantially all of their value.
 
Digital assets represent a new and rapidly evolving industry. The value of the
Product shares depends on the acceptance of the digital assets, the capabilities
and development of blockchain technologies and the fundamental investment
characteristics of the digital asset.
 
Digital asset networks are developed by a diverse set of contributors and the
perception that certain high-profile contributors will no longer contribute to
the network could have an adverse effect on the market price of the related
digital asset.
 
Digital assets may have concentrated ownership and large sales or distributions
by holders of such digital assets could have an adverse effect on the market
price of such digital assets.
 
The value of the Product shares relates directly to the value of the underlying
digital asset, the value of which may be highly volatile and subject to
fluctuations due to a number of factors.

A substantial direct investment in digital assets may require expensive and
sometimes complicated arrangements in connection with the acquisition, security
and safekeeping of the digital asset and may involve the payment of substantial
acquisition fees from third party facilitators through cash payments of U.S.
dollars. Because the value of the Shares is correlated with the value of digital
asset(s) held by the Product, it is important to understand the investment
attributes of, and the market for, the underlying digital asset. Please consult
with your financial professional.

The Product relies on third party service providers to perform certain functions
essential to the affairs of the Product and the replacement of such service
providers could pose a challenge to the safekeeping of the digital asset and to
the operations of the Product.

The Products are distributed by Grayscale Securities, LLC (Member FINRA/SIPC).
SIPC coverage does not apply to crypto asset products or services discussed on
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