Disclaimer
Grayscale Investments, LLC is the sponsor of both the Bitcoin Investment Trust (the “BIT”) and the Ethereum Classic Investment Trust (the “ETC Trust”). Both the Bitcoin Investment Trust and the Ethereum Classic Investment Trust are private investment vehicles, not registered with any regulatory agency of any jurisdiction, and are NOT subject to the same regulatory requirements as SEC-registered exchange traded funds or mutual funds, including the requirement to provide certain periodic and standardized pricing and valuation information to investors.
The Bitcoin Investment Trust and the Ethereum Classic Investment Trust represent speculative investments and involve high degrees of risk. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment. Any offering or solicitation will be made only to certain qualified investors, who are “accredited investors” as defined under Regulation D of the -Securities Act of 1933, as amended. Qualified investors may invest in the BIT or the ETC Trust pursuant to a formal offering with additional documentation, all of which should be read in their entirety. Information provided about the BIT and the ETC Trust is not intended to be, nor should it be construed or used as investment, tax or legal advice, a recommendation, or an offer to sell, or a solicitation of an offer to buy, an interest in the BIT or the ETC Trust. Any offer or solicitation of an investment in the BIT or the ETC Trust may be made only by delivery of the BIT or the ETC Trust's offering documents (the “Offering Documents”) to qualified investors, which would contain material information not contained herein and which would supersede this information in its entirety. In making an investment decision, investors must rely on their own examination of the BIT and the ETC Trust and the terms of the offering contemplated by the Offering Documents, including the merits and risks involved. An investment in the BIT and the ETC Trust is not suitable for all investors. The BIT and the ETC Trust are not registered with the SEC and the shares of the BIT and the ETC Trust are being offered in a private placement pursuant to Rule 506(c) under Regulation D. As a result, the shares of the BIT and the ETC Trust are restricted and subject to significant limitations on resales or transfer. Potential investors should carefully consider the long term nature of an investment in the BIT and the ETC Trust prior to making an investment decision. Interests in the BIT and the ETC Trust are not registered under the -Securities Act of 1933, as amended, or any state securities laws, and the BIT and the ETC Trust are not registered under the U.S. Investment Company Act of 1940, as amended. Any interests in the BIT and the ETC Trust described herein have not been recommended by any U.S. federal or state, or non-U.S., securities commission or regulatory authority, including the SEC. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this information on this website. Any representation to the contrary is a criminal offense.
The BIT’s shares are publicly quoted on OTCQX® market under the OTC Market’s Alternative Reporting Standards, which do not require the same level of public disclosure as the Securities Exchange Act of 1934 standards applicable to SEC-registered investment vehicles. You should note carefully the following:
- The BIT represents a speculative investment and involves a high degree of risk. Investors could lose all or a substantial portion of their investment. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment in the BIT.
- An investment in the BIT should be discretionary capital set aside strictly for speculative purposes.
- An investment in the BIT is not suitable or desirable for all investors.
- The BIT's Annual Reports have not been reviewed or approved by federal, state or local regulators of any jurisdiction.
- The BIT’s shares are traded on an unregistered basis on the OTCQX® market, but trading may be extremely limited.
- The BIT has limited operating history or performance.
- The BIT's sponsor has total authority over the BIT and shareholders' rights are extremely limited.
- The BIT and its managers or advisors may rely on the trading expertise and experience of third-party managers or advisors, the identity of which may not be fully disclosed to investors.
- The BIT may involve a complex tax structure, which should be reviewed carefully, and may involve structures or strategies that may cause delays in important tax information being sent to investors.
- The BIT's fees and expenses (which may be substantial regardless of any returns on investment) will offset the BIT's trading profits.
- The BIT and its sponsor, managers, advisors and agents may be subject to various conflicts of interest.
- The above summary is not a complete list of the risks and other important disclosures involved in investing in the BIT and is subject to more complete disclosures contained in the BIT's Annual Reports on OTC Markets website, www.otcmarkets.com, which must be reviewed carefully.
With respect to the ETC Trust, you should note carefully the following:
- The ETC Trust represents a speculative investment and involves a high degree of risk. Investors could lose all or a substantial portion of their investment. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment in the ETC Trust.
- An investment in the ETC Trust should be discretionary capital set aside strictly for speculative purposes.
- An investment in the ETC Trust is not suitable or desirable for all investors. Only qualified investors who are “accredited investors” as defined under Regulation D of the Securities Act of 1933, as amended, may invest in the ETC Trust.
- An investment in the ETC Trust will be illiquid and there will be significant restrictions on transferring interests in the ETC Trust.
- The ETC Trust is a new vehicle without operating history or performance.
- The ETC Trust's sponsor has total authority over the ETC Trust and shareholders' rights are extremely limited.
- The ETC Trust and its managers or advisors may rely on the trading expertise and experience of third-party managers or advisors, the identity of which may not be fully disclosed to investors.
- The ETC Trust may involve a complex tax structure, which should be reviewed carefully, and may involve structures or strategies that may cause delays in important tax information being sent to investors.
- The ETC Trust's fees and expenses (which may be substantial regardless of any returns on investment) will offset the ETC Trust's trading profits.
- The ETC Trust and its sponsor, managers, advisors and agents may be subject to various conflicts of interest.
- The above summary is not a complete list of the risks and other important disclosures involved in investing in the ETC Trust and is subject to the more complete disclosures contained in the ETC Trust's Offering Documents, which must be reviewed carefully.
