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GRAYSCALE BITCOIN TRUST (BTC)

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GRAYSCALE BITCOIN TRUST (BTC) : Other Events, Financial Statements and Exhibits (form 8-K)

05/03/2021 | 08:41am EDT

Item 8.01. Other Events.

On April 30, 2021, the board (the "Board") of Grayscale Investments, LLC, the sponsor (the "Sponsor") of Grayscale Bitcoin Trust (BTC) (the "Trust"), approved the purchase by Digital Currency Group, Inc. ("DCG"), the parent company of the Sponsor, of up to $750 million worth of shares of the Trust. Subsequently, DCG authorized such purchase. This increases DCG's prior authorization to purchase up to $250 million worth of shares by $500 million. Through April 30, 2021, DCG has purchased $193.5 million worth of shares. DCG plans to use cash on hand to fund the purchases and will make the purchases on the open market, at management's discretion, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934 (the "Exchange Act"). The share purchase authorization does not obligate DCG to acquire any specific number of shares in any period, and may be expanded, extended, modified, or discontinued at any time. The actual timing, amount and value of share purchases will depend entirely upon a number of factors, including the levels of cash available, price, and prevailing market conditions. DCG will not effect any purchases while the Trust is engaged in private placement activities or immediately prior to the commencement of such activities. Information regarding stock purchases will be available in the Trust's periodic reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q as required by the applicable rules of the Exchange Act. A copy of the press release announcing DCG's plan to purchase shares of the Trust is attached to this Report as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits




(d)    Exhibits



Exhibit No.                                 Description

99.1            Press Release Announcing Digital Currency Group's Plan to Increase
              Purchase of Shares of Grayscale Bitcoin Trust (OTCQX: GBTC)



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