Bitcoin Investment Trust

the bitcoin investment trust (bit) is a private, open-ended trust that is solely invested in and deriving value from the price of bitcoin. the bit enables investors to gain exposure to the price movement of bitcoin through a simple investment vehicle, without the challenges of buying, storing, and safekeeping bitcoins. the bit is available only to accredited investors for whom this type of investment is suitable. launched in 2013, the bit is sponsored by grayscale investments llc, a wholly-owned subsidiary of secondmarket holdings, inc. and an affiliate of secondmarket, inc. (custodian, marketing and distribution partner). grayscale has engaged leading service providers ernst & young (auditor), sidley austin llp (legal counsel), continental stock transfer & trust (transfer and administrative agent), and corporation service company (trustee).