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GRAYSCALE BITCOIN TRUST (BTC)

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GRAYSCALE BITCOIN TRUST (BTC) : Unregistered Sale of Equity Securities (form 8-K)

02/23/2021 | 04:02pm EDT

Item 3.02. Unregistered Sales of Equity Securities.

Since the sales reported on the most recently filed Current Report on Form 8-K by Grayscale Bitcoin Trust (BTC) (the "Trust"), the Trust issued 7,789,400 Shares at varying prices determined by reference to its Digital Asset Holdings per Share to selected "accredited investors," within the meaning of Rule 501 of Regulation D under the Securities Act of 1933, as amended (the "Securities Act"), in private placement transactions exempt from the registration requirements of the Securities Act pursuant to Rule 506(c) thereunder for an aggregate of 7,383.70073325 Bitcoins representing $352,176,132. Genesis Global Trading, Inc. ("Genesis") acted as the Authorized Participant with respect to these distributions. As a result, there are 691,906,200 Shares issued and outstanding as of February 22, 2021.

Because Shares have been, and continue to be, created and issued on a periodic basis, a "distribution," as such term is used in the Securities Act, may be occurring from time to time. As a result, Genesis, as Authorized Participant facilitating the creation of Shares and as distributor and marketer, may be deemed an "underwriter" under Section 2(a)(11) of the Securities Act. No underwriting discounts or commissions were paid to Genesis with respect to such sales.

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© Edgar Online, source Glimpses

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