<SEC-DOCUMENT>0000950170-24-004049.txt : 20240112
<SEC-HEADER>0000950170-24-004049.hdr.sgml : 20240112
<ACCEPTANCE-DATETIME>20240111185129
ACCESSION NUMBER:		0000950170-24-004049
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240112
DATE AS OF CHANGE:		20240111

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-275079
		FILM NUMBER:		24530262

	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

FILED BY:		

	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:		FWP

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>dave_on_cnbc_1.11.24.htm
<DESCRIPTION>FWP
<TEXT>
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  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Filed Pursuant To Rule 433</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Registration No. 333-275079</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">January 11, 2024</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Arial;min-width:fit-content;">CNBC (TV): Squawk Box - Bob Pisani and David LaValle ETF Approval</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;">GRAYSCALE GLOBAL HEAD OF ETFS, DAVID LAVALLE: </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">We're really excited to be here today. It was the culmination of a lot of hard work and a commitment to our investors and the strength in our legal arguments that allowed us to get to this regulatory approval here today. <br><br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;">PISANI: </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">And you did win the case against bitcoin-- excuse me against the SEC Gary Gensler referenced that yesterday. let's just see how this is trading right now. so here's </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;">Grayscale </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">give me your thoughts here, Dave. I see 5.5 million shares. that is very respectable for a start. i want to see the spreads here, what's going on. it looks like a 7, 8, 9-cent spread. How would you describe that in terms of tightness of trading? <br><br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;">LAVALLE: </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">Well look 5.5 million shares of volume a few minutes into the trading day, we see it's tracking the price of bitcoin, we're up about 5%. 2 or 3 cent spread is showing the liquidity that we think a product like </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;">GBTC</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;"> is going to, you know, really offer investors. this is a product that has 28 billions in assets. we have over a million investors. we have a ten-year track record and we're going to be a source of liquidity for the institutional buyer. <br><br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;">PISANI: </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">Good to see it's trading in reasonably tight spreads. But everybody wants to know after that we have 11 companies out there. you're one of them. you're the high man on the totem pole in terms of fees 1.5%. bitwise, which is trading right next to you, they're 0.2%. That's a big spread. 1.5% versus 0.2 they're the lowest ones out there. how are you justifying this fee right now? <br><br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;">LAVALLE: </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">Look fee is one consideration when investors are making a decision on an ETF. remember, GBTC is a premium product that came to market in a differentiated way. we have $28 billion in assets. We have a million investors. we have a ten-year track record. And we are going to be something that the marketplace can rely on. <br><br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;">PISANI: </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">What about inflows? A lot of people are making some wild speculations about the kind of money this is going to track. they're using parallels with the gold ETFs 20 years ago. Is that a fair comparison? how much money, overall, do you think these ETFs, collectively, act as a representative of the group, will attract in the next few months? <br><br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;">LAVALLE: </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">Bob, 30 years ago, ETFs innovated with S&amp;P 500 exposure. 20 years ago, ETFs innovated with gold. Today, we're innovating with bitcoin. we're really excited about it. we think this is a validation for the asset class and the sky's the limit. <br><br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;">PISANI: </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">Finally, just very quickly, institutions. are they going to get more? Is JPMORGAN, is u.p.s., are high-end wealth managers going to start recommending this, or is there still legal concerns? <br><br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;">LAVALLE:</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;"> Look, having an ETF and market for bitcoin is a validation for the asset class, and some of the largest asset managers in the world have stepped into this. we think that the sky is the limit, and we absolutely think that there's going to be inflows for retail investors, the advise market and institutions alike. <br><br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;">PISANI: </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">Dave thanks very much. guys, we're going to be standing here all day watching how these other ETFs trade. The key here is how close do they all trade in the next few days relative to the bitcoin and bitcoin futures. that's what everybody wants to watch, that's what we'll be watching. Guys back to you.</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"><br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:7pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
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  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Grayscale Bitcoin Trust (BTC) (the &#x201c;Trust&#x201d;) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833) 903 - 2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101.</font></p>
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