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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