7/29/16 Bitcoin Investment Trust: Performance + Market Highlights

July 2016 Highlights

The Bitcoin Halving

In early July, the Grayscale team (and it’s parent, Digital Currency Group) co-hosted a bitcoin halving party with Barclays and Amazon Web Services at their NYC loft space.  The event drew attendance from various NYC-based bitcoin and blockchain firms as well as representatives from many law firms, insurers, and banks working on and exploring this exciting ecosystem. The event was just one of dozens of bitcoin halving gatherings that took place around the world!

Coin Center

In late July, the Grayscale team attended a gathering hosted by Coin Center, bringing together many digital currency industry supporters.  For those who are less familiar with Coin Center, it is the leading non-profit research and advocacy center focused on public policy issues facing digital currencies.  Grayscale is a proud supporter of Coin Center.

You can learn more about how Coin Center is helping to shape our industry here.

Bitfinex

Some investors have inquired about the recent hack and theft at leading bitcoin exchange, Bitfinex.  It should be noted that neither Grayscale nor the Bitcoin Investment Trust have any direct bitcoin exposure at Bitfinex.  Further, Bitfinex’s hack was specific to just that exchange and did not involve bitcoin as a decentralized protocol.

Investors should remember that the Bitcoin Investment Trust has engaged leading bitcoin vaulting and storage firm, Xapo, as custodian for the Trust’s bitcoin.  Xapo maintains robust security infrastructure, with the Trust’s holdings largely kept in deep, cold storage vaults that contain layers of technological, physical, and jurisdictional security.  Xapo maintains third-party insurance coverage for bitcoin in their custody and is also one of the most well-capitalized firms in the digital currency ecosystem, having raised $40MM from firms including Greylock Partners, Index Ventures, Benchmark, Fortress, and Ribbit Capital.

We encourage any of you who have questions about the Bitfinex theft or other related matters to reach out to our team.

 

Bitcoin Investment Trust Returns as of 7/29/16
  NAV*
(Net Asset Value)
Symbol: GBTC**
(OTCQX)
July 2016 (0.64%) (20.54%)
Year-to-Date 52.55% 50.79%
Since Inception 381.37% N/A
     

Check out OTC Markets, Yahoo! Finance, or Google Finance

for the latest performance information.

 

*NAV performance information contained herein reflects the BIT’s ongoing private placement of restricted shares as of July 29, 2016.  Inception date: 9/25/13
**Performance reflects the closing price of BIT shares at 4PM ET on OTCQX® under the symbol: GBTC as of July 29, 2016.  Public trading in Symbol: GBTC began 5/4/15