Grayscale Investments, LLC (“Grayscale”) is the sponsor of Grayscale
Bitcoin Trust (BTC), Grayscale Bitcoin Cash Trust (BCH), Grayscale
Ethereum Trust (ETH), Grayscale Ethereum Classic Trust (ETC), Grayscale
Horizen Trust (ZEN), Grayscale Litecoin Trust (LTC), Grayscale Stellar
Lumens Trust (XLM), Grayscale XRP Trust (XRP) and Grayscale Zcash Trust
(ZEC), and the manager of Grayscale Digital Large Cap Fund LLC. The
trusts and the fund are collectively referred to herein as the
“Products”. Any vehicle currently offering share creations is referred
to herein as an “Offered Product”.
The Products are private investment vehicles. Shares of Grayscale
Bitcoin Trust, which are only offered on a periodic basis, are publicly
quoted under the symbol: GBTC. The Products are NOT registered with the
Securities and Exchange Commission (“SEC”) or any other regulatory
agency in any jurisdiction, and are NOT subject to the same regulatory
requirements as SEC-registered exchange traded funds or mutual funds,
including any requirement to provide certain periodic and standardized
pricing and valuation information to investors. Shares of the Products
are not insured by the Federal Deposit Insurance Corporation or any
other governmental agency. Investments in the Products are speculative
investments that involve high degrees of risk.
The shares of each Product are intended to reflect the price of the
digital asset(s) held by that Product, less fees and expenses. However,
none of the Products currently operates a redemption program and any
Product may halt creations from time to time or, in the case of
Grayscale Bitcoin Trust (BTC), periodically. As a result, there can be
no assurance that the value of a Product’s shares will approximate the
value of the applicable digital asset(s) held by that Product, and
indeed, in cases where shares are transferable, they may trade at a
substantial premium over or discount to the value of such assets.
Moreover, the prices of the underlying digital assets are derived from
third-party indices and reference rates, and no assurance can be given
as to the accuracy of these prices.
The Products are passive investment vehicles and their shares may be
adversely affected by losses that, had they been actively managed, might
have been avoidable. To the extent of the Fund Construction Criteria
described in its Offering Documents, Grayscale Digital Large Cap Fund
LLC is actively managed using proprietary investment strategies and
processes. There can be no guarantee that these strategies and processes
will produce the intended results and no guarantee that the fund will
achieve its investment objective. This could result in the fund’s
underperformance compared to other funds with similar investment
Investors in any Product must have the financial ability,
sophistication, experience and willingness to bear the risks of an
investment in that Product. Any offering or solicitation of an Offered
Product will be made only to certain qualified investors who are
“accredited investors” as defined under Regulation D of the Securities
Act of 1933 (the “Securities Act”). Qualified investors may only invest
in an Offered Product pursuant to documentation made available by
Grayscale, which should be read in its entirety. Information provided
about an Offered Product is not intended to be, nor should it be
construed or used as, investment, tax or legal advice, an investment
recommendation, or an offer to sell, or a solicitation of an offer to
buy, shares in any Offered Product. Any offer to sell or solicitation of
an offer to buy shares in any Offered Product is made only by delivery
to qualified investors of the offering documents for that Offered
Product (the “Offering Documents”), which contain material information
not available on this website and which, in the event of conflict,
supersede any information available on this website in its entirety. In
making an investment decision, investors must rely on their own
examination of the applicable Offered Product and the terms of the
offering contemplated by the applicable Offering Documents, including
the risks involved.
The shares of each Product are not registered under the Securities
Act, the Securities Exchange Act of 1934, the Investment Company Act of
1940, or any state securities laws. The Offered Products are being
offered in private placements pursuant to the exemption from
registration provided by Rule 506(c) under Regulation D of the
Securities Act. As a result, the shares of each Offered Product are
restricted and subject to significant limitations on resales and
transfers. Potential investors in any Offered Product should carefully
consider the long term nature of an investment in that Product prior to
making an investment decision.
Shares in the Products 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 any information on
this website or in the Offering Documents. Any representation to the
contrary is a criminal offense.
Shares of Grayscale Bitcoin Trust (BTC), Grayscale Ethereum Trust
(ETH), and Grayscale Ethereum Classic Trust (ETC) are quoted on
the OTCQX® market under the OTC Market’s Alternative Reporting
Standards, which do not require the same level of public disclosure as
the standards applicable to SEC-registered investment vehicles.
Grayscale is a subsidiary of Digital Currency Group, Inc. (“DCG”).
DCG has interests in multiple digital currency ventures in addition to
Grayscale. CoinDesk, the leading digital media, events and information
services company for the digital asset and blockchain technology
community, is also a subsidiary of DCG. CoinDesk is editorially
independent from DCG and Grayscale, and any views or opinions expressed
by CoinDesk are not the views or opinions of Grayscale.
Prospective investors in any Product should carefully note the following:
- Each Product 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 any
Product. In particular, each Product invests in digital assets. The
trading prices of many digital assets have experienced extreme
volatility in recent periods and may continue to do so. In light of
recent steep increases in the value of certain digital assets, multiple
market observers have asserted that digital assets are currently
experiencing a “bubble.” If these observers are correct, trading prices
for the digital assets held by the Products could experience steep
declines in value and the Products’ shares could lose all or
substantially all of their value.
- An investment in any Product should be discretionary capital set aside strictly for speculative purposes.
- Each Product has a limited operating and performance history.
- Grayscale has authority over the management of each Product and shareholders’ rights are extremely limited.
- Each Product 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.
- Each Product’s fees and expenses (which may be substantial
regardless of any returns on investment) will be paid using that
Product’s assets, which will reduce the assets of that Product and the
corresponding value of your investment, all else being equal.
- Each Product and Grayscale, and their advisors and agents, are or may be subject to various conflicts of interest.
The above summary is not a complete list of the risks and other
important factors relevant to an investment in any Product. For the
Offered Products, more complete disclosures are contained in their
private placement memorandum and other Offering Documents, copies of
which may be obtained from Grayscale. For Grayscale Bitcoin Trust (BTC),
Grayscale Ethereum Trust (ETH), and Grayscale Ethereum Classic Trust
(ETC), additional information is available in their annual and quarterly
reports on the OTC Markets website, www.otcmarkets.com.
Such reports are not prepared in accordance with SEC requirements and
may not contain all information that is useful for an informed
investment decision. Past performance is not indicative of future