Bitcoin Investment Trust (OTCQX: GBTC) is engaged as an investment trust that invests in Bitcoin and cryptocurrency. Shares of the Bitcoin Investment Trust are rallying 10%, through early trading on Tuesday, April 3, 2018. Over the past month, Bitcoin Investment Trust has seen average daily volume of 4.31 million shares. However, volume of 840,798 shares or dollar volume of $10.13 million, has already exchanged hands on Tuesday.
Shares of Bitcoin Investment Trust are rallying today, after the trust announced the remittance of proceeds from the sale of Bitcoin Gold hard fork assets. The trust has completed the liquidation of 172,244 Bitcoin Gold tokens and the record date is scheduled for April 3, 2018. Each shareholder will receive $0.056478 per share. Here is the full press release detailing of the Bitcoin Gold dividend:
Bitcoin Investment Trust Press Release:
NEW YORK, April 2, 2018 /PRNewswire/ — Grayscale Investments, LLC, in its role as agent (the “Agent”) of the shareholders of record as of December 4, 2017 (the “Record Date Shareholders”) of Bitcoin Investment Trust (OTCQX: GBTC) (the “Trust”), announced today that, on behalf of the Record Date Shareholders, it has completed the liquidation of approximately 172,244 Bitcoin Gold tokens, the rights to which were distributed to the Record Date Shareholders on December 4, 2017.
On December 4, 2017, pursuant to the terms of the Trust Agreement governing the Trust, the Trust, acting on behalf of the Record Date Shareholders, appointed the Agent and distributed all of the rights to Bitcoin Gold tokens then held by the Trust to the Record Date Shareholders by transferring such rights to the Agent.
On March 14, 2018, the Bitcoin Gold tokens became accessible to the Agent. On behalf of the Record Date Shareholders, the Agent subsequently exercised the rights it held with respect to the Bitcoin Gold tokens and liquidated the Bitcoin Gold tokens over a period of 14 days.
In connection with the foregoing, the Agent will remit the cash proceeds from the liquidation of the Bitcoin Gold tokens, net of the administrative and other expenses incurred by the Agent in connection with the liquidation, to the Record Date Shareholders on April 3, 2018. Each Record Date Shareholder will receive $0.056478 per share.
For the avoidance of doubt, Grayscale Investments, LLC is acting only in its capacity as agent of the Record Date Shareholders with respect to the foregoing and not in its capacity as sponsor of the Trust.
About Grayscale Investments, LLC
Established in 2013 by Digital Currency Group, Grayscale Investments, LLC (“Grayscale”) is a trusted authority on digital currency investing. Grayscale provides secure access to the digital currency asset class through its single-asset and diversified investment products, including Bitcoin Investment Trust (OTCQX: GBTC) and Digital Large Cap Fund. As of March 31, 2018, the firm managed $1.5 billion in assets. For more information on Grayscale, please visit www.grayscale.co.