Grayscale Bitcoin Trust Files Definitive Proxy Statement

TL;DR

**Grayscale Bitcoin Trust just filed a standard proxy statement, no major news, just business as usual for the crypto giant.**

AI Summary

Grayscale Bitcoin Trust (BTC) filed a Definitive Proxy Statement (DEF 14A) on February 23, 2024, indicating it is a routine filing by the registrant, Grayscale Bitcoin Trust (BTC), sponsored by Grayscale Investments, LLC. The filing confirms no fee was required for this submission. The Trust, formerly known as Bitcoin Investment Trust, changed its name on October 4, 2013, and operates from Stamford, CT.

Why It Matters

This routine filing provides transparency regarding the governance and operational status of a major Bitcoin investment vehicle, which can influence investor confidence in the broader crypto market.

Risk Assessment

Risk Level: low — This is a routine definitive proxy statement filing, indicating standard corporate governance and no immediate financial or operational risks.

Key Numbers

• 001-41906 — SEC File Number (Identifies the filing with the SEC)
• 0001588489 — Central Index Key (CIK) (Unique identifier for Grayscale Bitcoin Trust (BTC))
• 20240223 — Conformed Period of Report (Date the report covers)
• 5 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• Grayscale Bitcoin Trust (BTC) (company) — Registrant
• Grayscale Investments, LLC (company) — Sponsor
• Bitcoin Investment Trust (company) — Former Name of Registrant
• February 23, 2024 (date) — Filing Date
• October 4, 2013 (date) — Date of Name Change

FAQ

From the Filing

0000950170-24-019411.txt : 20240223 0000950170-24-019411.hdr.sgml : 20240223 20240223165833 ACCESSION NUMBER: 0000950170-24-019411 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20240223 FILED AS OF DATE: 20240223 DATE AS OF CHANGE: 20240223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Grayscale Bitcoin Trust (BTC) CENTRAL INDEX KEY: 0001588489 STANDARD INDUSTRIAL CLASSIFICATION: [6221] ORGANIZATION NAME: 09 Crypto Assets IRS NUMBER: 467019388 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 001-41906 FILM NUMBER: 24672308 BUSINESS ADDRESS: STREET 1: 290 HARBOR DRIVE STREET 2: 4TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 212-668-1427 MAIL ADDRESS: STREET 1: 290 HARBOR DRIVE STREET 2: 4TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 FORMER COMPANY: FORMER CONFORMED NAME: Bitcoin Investment Trust DATE OF NAME CHANGE: 20131004 DEF 14A 1 gbtc_def_14a_feb_2024.htm DEF 14A DEF 14A   UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☒ Definitive Proxy Statement ☐ Definitive Additional Materials ☐ Soliciting Material under § 240.14a-12   GRAYSCALE BITCOIN TRUST (BTC) SPONSORED BY GRAYSCALE INVESTMENTS, LLC (Name of Registrant as Specified In Its Charter)     N/A   ((Name of Person(s) Filing Proxy Statement, if other than the Registrant))   Payment of Filing Fee (Check all boxes that apply): ☒ No fee required. ☐ Fee paid previously with preliminary materials. ☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.                 Grayscale Investments, LLC 290 Harbor Drive, 4th Floor Stamford, Connecticut 06902   February 23, 2024 Dear Shareholder: On behalf of Grayscale Investments, LLC, the sponsor (the “Sponsor”) of Grayscale Bitcoin Trust (BTC) (the “Trust” or “GBTC”), I would like to thank you for being a GBTC investor. I would like to call your attention to the proposal we are putting forth in the attached Consent Solicitation Statement . We are extremely proud of the past success of GBTC, and we look forward to improving the product for all current and future investors. The following is a summary of the proposal contained in the attached Consent Solicitation Statement: Providing the Trust with alternative procedures for the creation and redemption of Baskets – This proposal will allow the Sponsor to cause the Trust, subject to compliance with certain requirements, to create and redeem Baskets in exchange for the receipt or delivery of cash, respectively, from or to an Authorized Participant. This proposal will provide operational efficiencies that we believe are beneficial to the Sponsor and Trust as the trust operates as an exchange-traded fund. Similar to amendments we made earlier this year, we believe this amendment will modernize and simplify Grayscale Bitcoin Trust (BTC) Shares for the ultimate benefit of current and future GBTC shareholders. The board of directors of Grayscale Investments, LLC recommends that you vote FOR the proposal. Your vote is important. If you have any questions regarding the attached materials or need assistance in voting, please contact the Sponsor at Grayscale Investments, LLC, 290 Harbor Drive, 4th Floor, Stamford, Connecticut 06902 or at (212) 668-1427 or via email at info@grayscale.com. Thank you in advance for your timely consideration of this matter. Sincerely, Michael Sonnenshein Chief Executive Officer Graysca