Drop Goldâ„¢. Buy Bitcoin! - GBTC - Grayscale Investments

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DROP GOLD®. BUY BITCOIN! *An accredited investor, in the context of a natural person, includes anyone who either earned income that exceeded $200,000 (or $300,000 together with a spouse) in each of the prior two years, and reasonably expects the same for the current year, OR, has a net worth over $1 million, either alone or together with a spouse (excluding the value of the person’s primary residence). DROP GOLD, BUY BITCOIN! There are examples of gold’s price languishing for decades (i.e. 1980s through the early 2000s) and failing to keep pace with inflation. And with the introduction of Bitcoin in 2009, the cracks in gold’s dominance have clearly appeared. There’s no other way to put it: gold is overrated, outdated, and inflated. Gold’s own update

is long

WHY BITCOIN MATTERS

Why Bitcoin Matters. The daily headlines almost anywhere in the world reflect themes around the rise of global authoritarianism and geopolitical disruption, an erosion of societal norms, and threats to democratic institutions. Despite advancements in recent decades fighting illiteracy and poverty, many people remain outside the

financial system

DROP GOLD VIDEO

Watch Grayscale Investment's provocative #DropGold video. *An accredited investor, in the context of a natural person, includes anyone who either earned income that exceeded $200,000 (or $300,000 together with a spouse) in each of the prior two years, and reasonably expects the same for the current year, OR, has a net worth over $1 million, either alone or together with a spouse (excluding the WHY INVEST IN BITCOIN? 3. Network Fundamentals Are Strong: Through a global transaction network, bitcoins can be sent securely across borders, in any amount, at low costs, as seamlessly as a text message, and without the need for trusted third-parties. Over 100,000 merchants worldwide now accept bitcoin. 3 The number of active wallet addresses on the Bitcoin network continues to grow – a key sign of a vibrant and BITCOIN INVESTOR REPORT Bitcoin: 2019 Investor Study. Since its introduction in 2009, Bitcoin has steadily grown in popularity and today has expanded its reach to a broad mainstream audience. Now, a new joint survey from Grayscale Investments and Q8 Research provides a deeper level of insight into investors’ interests, perceptions, and misconceptions about

investing

FAQ - DROP GOLD

What is the #DropGold campaign? Grayscale Investments launched their #DropGold campaign on Wednesday, May 1, 2019. #DropGold is our ad campaign which focuses on the emergence of Bitcoin as an alternative to investing in gold. It’s about building awareness around Bitcoin and the emergence of digital currencies as a viable asset class. GOLD GOOD, BITCOIN BETTER Bitcoin’s superior composition of “good money” qualities make it both a resilient store-of-value and an efficient medium of exchange. It is the new and improved “digital gold,” perfect for our digital society. TL;DR — it’s time to drop gold. Grayscale’s Director of Investments & Research, Matthew Beck, explores this idea in more HAVE A FINANCIAL ADVISOR? Have a Financial Advisor? For many investors, a financial advisor can be an important part of reaching their investment goals. Certified financial advisors are well-versed about the seemingly endless investment options available and can help determine optimal investment strategies as a result. BITCOIN: FEMALE INVESTOR STUDY 2019 This report, which is a follow-on to the Bitcoin 2019 Investor Study that examined retail investors’ interests, perceptions, and misconceptions about Bitcoin, takes a closer look at the perspectives of female investors on Bitcoin.. Our research shows that women represent a significant market for Bitcoin as investors. Specifically, the Investing in Bitcoin: Perspectives from Female Investors DROP GOLD®. BUY BITCOIN! *An accredited investor, in the context of a natural person, includes anyone who either earned income that exceeded $200,000 (or $300,000 together with a spouse) in each of the prior two years, and reasonably expects the same for the current year, OR, has a net worth over $1 million, either alone or together with a spouse (excluding the value of the person’s primary residence). DROP GOLD, BUY BITCOIN! There are examples of gold’s price languishing for decades (i.e. 1980s through the early 2000s) and failing to keep pace with inflation. And with the introduction of Bitcoin in 2009, the cracks in gold’s dominance have clearly appeared. There’s no other way to put it: gold is overrated, outdated, and inflated. Gold’s own update

is long

WHY BITCOIN MATTERS

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DROP GOLD VIDEO

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FAQ - DROP GOLD

68 - DROP GOLD

Bitcoin: The Future of Finance Why Bitcoin? That’s easy. Bitcoin is still in its infancy. Bitcoin is driving global growth in new ways, while also preserving the store-of-value qualities that provide BITCOIN IS BETTER BITCOIN VS. GOLD Bitcoin is Better Bitcoin vs. Gold A digital world deserves a digital investment. Scarce Only 21 million bitcoins Limited amount Durable

Will last over time

INVESTOR STUDY GRAYSCALE AND Q8 RESEARCH PLEASE REVIEW IMPORTANT DISCLOSURE OTHER INFORMATION AT THE END OF THIS REPORT. 09 Grayscale Investments LLC Interested in seeing more content from Grayscale? View our research papers IT’S TIME TO DROP GOLD GOLD: OUTDATED, INFLATED, It’s Time To Drop Gold Gold: Outdated, Inflated, and Overrated We think gold is long overdue to be replaced as a store-of-value and form

of money.

GRAYSCALE BITCOIN TRUST SYMBOL ADVANTAGES OF OWNING . GRAYSCALE BITCOIN TRUST GBTC RETURNS AS OF SEPTEMBER 30, 2019. 3. GRAYSCALE . BITCOIN TRUST BITCOIN. Sponsored by an Experienced Manager GRAYSCALE RESEARCH MATTHEW BECK, CFA PLEASE REVIE IMPORTANT DISCLOSURES OTHER INFORMATION AT THE END OF THIS PAPER. ©2019 Grayscale Investments, LLC More Grayscale research papers and investment GRAYSCALE INSIGHTS MATTHEW BECK, CFA PLEASE REVIE IMPORTANT DISCLOSURES OTHER INFORMATION AT THE END OF THIS REPORT. ©2019 Grayscale Investments, LLC More Grayscale research papers and investment DROP GOLD®. BUY BITCOIN! *An accredited investor, in the context of a natural person, includes anyone who either earned income that exceeded $200,000 (or $300,000 together with a spouse) in each of the prior two years, and reasonably expects the same for the current year, OR, has a net worth over $1 million, either alone or together with a spouse (excluding the value of the person’s primary residence). DROP GOLD, BUY BITCOIN! There are examples of gold’s price languishing for decades (i.e. 1980s through the early 2000s) and failing to keep pace with inflation. And with the introduction of Bitcoin in 2009, the cracks in gold’s dominance have clearly appeared. There’s no other way to put it: gold is overrated, outdated, and inflated. Gold’s own update

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Bitcoin: The Future of Finance Why Bitcoin? That’s easy. Bitcoin is still in its infancy. Bitcoin is driving global growth in new ways, while also preserving the store-of-value qualities that provide BITCOIN: FEMALE INVESTOR STUDY 2019 This report, which is a follow-on to the Bitcoin 2019 Investor Study that examined retail investors’ interests, perceptions, and misconceptions about Bitcoin, takes a closer look at the perspectives of female investors on Bitcoin.. Our research shows that women represent a significant market for Bitcoin as investors. Specifically, the Investing in Bitcoin: Perspectives from Female Investors BITCOIN IS BETTER BITCOIN VS. GOLD Bitcoin is Better Bitcoin vs. Gold A digital world deserves a digital investment. Scarce Only 21 million bitcoins Limited amount Durable

Will last over time

of money.

GRAYSCALE RESEARCH MATTHEW BECK, CFA PLEASE REVIE IMPORTANT DISCLOSURES OTHER INFORMATION AT THE END OF THIS PAPER. ©2019 Grayscale Investments, LLC More Grayscale research papers and investment GRAYSCALE INSIGHTS MATTHEW BECK, CFA PLEASE REVIE IMPORTANT DISCLOSURES OTHER INFORMATION AT THE END OF THIS REPORT. ©2019 Grayscale Investments, LLC More Grayscale research papers and investment

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IT’S TIME

TO DROP GOLD

EVERYONE LOVES A PIECE OF GOLD JEWELRY, BUT IS GOLD REALLY THE BEST INVESTMENT IN TODAY’S DIGITAL WORLD? GOLD REPRESENTS THE PAST – NIXON DROPPED THE GOLD STANDARD IN THE ’70S. IT’S TIME TO PREPARE YOUR INVESTMENT PORTFOLIO FOR THE

FUTURE.

BYE GOLD…

Ever tried to pull your weight in gold? We’re living in a digital world, a new financial era where bitcoin is displacing gold. While a gold bar weighs around 25.7 pounds, bitcoin is weightless and can be bought, sold, and transferred as easily as a text message. MORE ON WHY IT’S TIME TO DROP GOLD™. It's not that gold is bad. IT'S JUST THAT BITCOIN IS BETTER. * Here’s what makes bitcoin better than gold.

…BUY BITCOIN.

Bitcoin has qualities that make it a better option than gold in today’s digital, global economy. It’s fast, secure, transparent, and moves seamlessly across borders making bitcoin both a resilient store-of-value and an efficient medium-of-exchange. BITCOIN IS DIGITAL GOLD FOR OUR DIGITAL AGE. * Learn more about why bitcoin is so important in today’s world.

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IMPORTANT DISCLOSURES & OTHER INFORMATION �GRAYSCALE INVESTMENTS, LLC. ALL CONTENT IS ORIGINAL AND HAS BEEN RESEARCHED AND PRODUCED BY GRAYSCALE INVESTMENTS, LLC (“GRAYSCALE”) UNLESS OTHERWISE STATED HEREIN. NO PART OF THIS CONTENT MAY BE REPRODUCED IN ANY FORM, OR REFERRED TO IN ANY OTHER PUBLICATION, WITHOUT THE EXPRESS CONSENT OF GRAYSCALE. THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO SELL OR BUY ANY SECURITY IN ANY JURISDICTION WHERE SUCH AN OFFER OR SOLICITATION WOULD BE ILLEGAL. THERE IS NOT ENOUGH INFORMATION CONTAINED IN THIS CONTENT TO MAKE AN INVESTMENT DECISION AND ANY INFORMATION CONTAINED HEREIN SHOULD NOT BE USED AS A BASIS FOR THIS PURPOSE. THIS CONTENT DOES NOT CONSTITUTE A RECOMMENDATION OR TAKE INTO ACCOUNT THE PARTICULAR INVESTMENT OBJECTIVES, FINANCIAL SITUATIONS, OR NEEDS OF INVESTORS. INVESTORS ARE NOT TO CONSTRUE THIS CONTENT AS LEGAL, TAX OR INVESTMENT ADVICE, AND SHOULD CONSULT THEIR OWN ADVISORS CONCERNING AN INVESTMENT IN DIGITAL ASSETS. THE PRICE AND VALUE OF ASSETS REFERRED TO IN THIS CONTENT AND THE INCOME FROM THEM MAY FLUCTUATE. PAST PERFORMANCE IS NOT INDICATIVE OF THE FUTURE PERFORMANCE OF ANY ASSETS REFERRED TO HEREIN. FLUCTUATIONS IN EXCHANGE RATES COULD HAVE ADVERSE EFFECTS ON THE VALUE OR PRICE OF, OR INCOME DERIVED FROM, CERTAIN INVESTMENTS. INVESTORS SHOULD BE AWARE THAT GRAYSCALE IS THE SPONSOR OF GRAYSCALE BITCOIN TRUST (BTC), GRAYSCALE BITCOIN CASH TRUST (BCH), GRAYSCALE ETHEREUM TRUST (ETH), GRAYSCALE ETHEREUM CLASSIC TRUST (ETC), GRAYSCALE LITECOIN TRUST (LTC), GRAYSCALE HORIZEN TRUST (ZEN), GRAYSCALE STELLAR LUMENS TRUST (XLM), GRAYSCALE XRP TRUST (XRP) AND GRAYSCALE ZCASH TRUST (ZEC) (EACH, A “TRUST”) AND THE MANAGER OF GRAYSCALE DIGITAL LARGE CAP FUND LLC (THE “FUND”). THE TRUSTS AND THE FUND ARE COLLECTIVELY REFERRED TO HEREIN AS THE “PRODUCTS”. ANY PRODUCT CURRENTLY OFFERING SHARE CREATIONS IS REFERRED TO HEREIN AS AN “OFFERED PRODUCT”. INFORMATION PROVIDED ABOUT AN OFFERED PRODUCT IS NOT INTENDED TO BE, NOR SHOULD IT BE CONSTRUED OR USED AS INVESTMENT, TAX OR LEGAL ADVICE, AND PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN ADVISORS CONCERNING AN INVESTMENT IN SUCH OFFERED PRODUCT. THIS CONTENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY INTERESTS IN ANY OF THE PRODUCTS. ANY OFFER OR SOLICITATION OF AN INVESTMENT IN A PRODUCT MAY BE MADE ONLY BY DELIVERY OF SUCH PRODUCT’S CONFIDENTIAL OFFERING DOCUMENTS (THE “OFFERING DOCUMENTS”) TO QUALIFIED ACCREDITED INVESTORS (AS DEFINED UNDER RULE 501(A) OF REGULATION D OF THE U.S. SECURITIES ACT OF 1933, AS AMENDED), WHICH CONTAIN MATERIAL INFORMATION NOT CONTAINED HEREIN AND WHICH SUPERSEDE THE INFORMATION PROVIDED HEREIN IN ITS

ENTIRETY.

THE PRODUCTS ARE PRIVATE INVESTMENT VEHICLES. SHARES OF GRAYSCALE BITCOIN TRUST (BTC), WHICH ARE ONLY OFFERED ON A PERIODIC BASIS, ARE PUBLICLY QUOTED UNDER THE SYMBOL: GBTC. THE PRODUCTS ARE NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS EXCHANGE TRADED FUNDS OR MUTUAL FUNDS, INCLUDING THE REQUIREMENT TO PROVIDE CERTAIN PERIODIC AND STANDARDIZED PRICING AND VALUATION INFORMATION TO INVESTORS. THE PRODUCTS ARE NOT REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”), ANY STATE SECURITIES LAWS, OR THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED. THERE ARE SUBSTANTIAL RISKS IN INVESTING IN ONE OR MORE PRODUCTS. ANY INTERESTS IN EACH PRODUCT DESCRIBED HEREIN HAVE NOT BEEN RECOMMENDED BY ANY U.S. FEDERAL OR STATE, OR NON-U.S., SECURITIES COMMISSION OR REGULATORY AUTHORITY, INCLUDING THE SEC. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. CERTAIN OF THE STATEMENTS CONTAINED HEREIN MAY BE STATEMENTS OF FUTURE EXPECTATIONS AND OTHER FORWARD-LOOKING STATEMENTS THAT ARE BASED ON GRAYSCALE’S VIEWS AND ASSUMPTIONS AND INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR EVENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN SUCH STATEMENTS. IN ADDITION TO STATEMENTS THAT ARE FORWARD-LOOKING BY REASON OF CONTEXT, THE WORDS “MAY, WILL, SHOULD, COULD, CAN, EXPECTS, PLANS, INTENDS, ANTICIPATES, BELIEVES, ESTIMATES, PREDICTS, POTENTIAL, PROJECTED, OR CONTINUE” AND SIMILAR EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS. GRAYSCALE ASSUMES NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN AND YOU SHOULD NOT PLACE UNDUE RELIANCE ON SUCH STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE HEREOF. ALTHOUGH GRAYSCALE HAS TAKEN REASONABLE CARE TO ENSURE THAT THE INFORMATION CONTAINED HEREIN IS ACCURATE, NO REPRESENTATION OR WARRANTY (INCLUDING LIABILITY TOWARDS THIRD PARTIES), EXPRESSED OR IMPLIED, IS MADE BY GRAYSCALE AS TO ITS ACCURACY, RELIABILITY OR COMPLETENESS. YOU SHOULD NOT MAKE ANY INVESTMENT DECISIONS BASED ON THESE ESTIMATES AND FORWARD-LOOKING STATEMENTS. CERTAIN RISK FACTORS EACH PRODUCT IS A PRIVATE, UNREGISTERED INVESTMENT VEHICLE AND NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS EXCHANGE TRADED FUNDS OR MUTUAL FUNDS, INCLUDING THE REQUIREMENT TO PROVIDE CERTAIN PERIODIC AND STANDARDIZED PRICING AND VALUATION INFORMATION TO INVESTORS. THERE ARE SUBSTANTIAL RISKS IN INVESTING IN A PRODUCT OR IN DIGITAL ASSETS DIRECTLY, INCLUDING BUT NOT LIMITED TO:

*

PRICE VOLATILITY

DIGITAL ASSETS HAVE HISTORICALLY EXPERIENCED SIGNIFICANT INTRADAY AND LONG-TERM PRICE SWINGS. IN ADDITION, NONE OF THE PRODUCTS CURRENTLY OPERATES A REDEMPTION PROGRAM AND MAY HALT CREATIONS FROM TIME TO TIME OR, IN THE CASE OF GRAYSCALE BITCOIN TRUST (BTC), PERIODICALLY. THERE CAN BE NO ASSURANCE THAT THE VALUE OF THE COMMON UNITS OF FRACTIONAL UNDIVIDED BENEFICIAL INTEREST (“SHARES”) OF ANY PRODUCT WILL APPROXIMATE THE VALUE OF THE DIGITAL ASSETS HELD BY SUCH PRODUCT AND SUCH SHARES MAY TRADE AT A SUBSTANTIAL PREMIUM OVER OR DISCOUNT TO THE VALUE OF THE DIGITAL ASSETS HELD BY SUCH PRODUCT. AT THIS TIME, NONE OF THE PRODUCTS IS OPERATING A REDEMPTION PROGRAM AND THEREFORE SHARES ARE NOT REDEEMABLE BY ANY PRODUCT. SUBJECT TO RECEIPT OF REGULATORY APPROVAL FROM THE SEC AND APPROVAL BY GRAYSCALE, IN ITS SOLE DISCRETION, ANY PRODUCT MAY IN THE FUTURE OPERATE A REDEMPTION PROGRAM. BECAUSE NONE OF THE PRODUCTS BELIEVES THAT THE SEC WOULD, AT THIS TIME, ENTERTAIN AN APPLICATION FOR THE WAIVER OF RULES NEEDED IN ORDER TO OPERATE AN ONGOING REDEMPTION PROGRAM, NONE OF THE PRODUCTS CURRENTLY HAS ANY INTENTION OF SEEKING REGULATORY APPROVAL FROM THE SEC TO OPERATE AN ONGOING REDEMPTION PROGRAM.

*

MARKET ADOPTION

IT IS POSSIBLE THAT DIGITAL ASSETS GENERALLY OR ANY DIGITAL ASSET IN PARTICULAR WILL NEVER BE BROADLY ADOPTED BY EITHER THE RETAIL OR COMMERCIAL MARKETPLACE, IN WHICH CASE, ONE OR MORE DIGITAL ASSETS MAY LOSE MOST, IF NOT ALL, OF ITS VALUE.

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GOVERNMENT REGULATION THE REGULATORY FRAMEWORK OF DIGITAL ASSETS REMAINS UNCLEAR AND APPLICATION OF EXISTING REGULATIONS AND/OR FUTURE RESTRICTIONS BY FEDERAL AND STATE AUTHORITIES MAY HAVE A SIGNIFICANT IMPACT ON THE VALUE OF DIGITAL ASSETS.

*

SECURITY

WHILE EACH PRODUCT HAS IMPLEMENTED SECURITY MEASURES FOR THE SAFE STORAGE OF ITS DIGITAL ASSETS, THERE HAVE BEEN SIGNIFICANT INCIDENTS OF DIGITAL ASSET THEFT AND DIGITAL ASSETS REMAINS A POTENTIAL TARGET FOR HACKERS. DIGITAL ASSETS THAT ARE LOST OR STOLEN CANNOT BE REPLACED, AS TRANSACTIONS ARE IRREVOCABLE.

*

TAX TREATMENT OF VIRTUAL CURRENCY FOR U.S. FEDERAL INCOME TAX PURPOSES, DIGITAL LARGE CAP FUND WILL BE A PASSIVE FOREIGN INVESTMENT COMPANY (A “PFIC”) AND, IN CERTAIN CIRCUMSTANCES, MAY BE A CONTROLLED FOREIGN CORPORATION (A “CFC”). DIGITAL LARGE CAP FUND WILL MAKE AVAILABLE A PFIC ANNUAL INFORMATION STATEMENT THAT WILL INCLUDE INFORMATION REQUIRED TO PERMIT EACH ELIGIBLE SHAREHOLDER TO MAKE A “QUALIFIED ELECTING FUND” ELECTION (A “QEF ELECTION”) WITH RESPECT TO DIGITAL LARGE CAP FUND. EACH OF THE OTHER PRODUCTS INTENDS TO TAKE THE POSITION THAT IT IS A GRANTOR TRUST FOR U.S. FEDERAL INCOME TAX PURPOSES. ASSUMING THAT A PRODUCT IS PROPERLY TREATED AS A GRANTOR TRUST, SHAREHOLDERS OF THAT PRODUCT GENERALLY WILL BE TREATED AS IF THEY DIRECTLY OWNED THEIR RESPECTIVE PRO RATA SHARES OF THE UNDERLYING ASSETS HELD IN THE PRODUCT, DIRECTLY RECEIVED THEIR RESPECTIVE PRO RATA SHARES OF THE PRODUCT’S INCOME AND DIRECTLY INCURRED THEIR RESPECTIVE PRO RATA SHARES OF THE PRODUCT ’S EXPENSES. MOST STATE AND LOCAL TAX AUTHORITIES FOLLOW U.S. INCOME TAX RULES IN THIS REGARD. PROSPECTIVE INVESTORS SHOULD DISCUSS THE TAX CONSEQUENCES OF AN INVESTMENT IN A PRODUCT WITH THEIR TAX ADVISORS.

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NO SHAREHOLDER CONTROL GRAYSCALE, AS SPONSOR OF EACH TRUST AND THE MANAGER OF THE FUND, HAS TOTAL AUTHORITY OVER THE TRUSTS AND THE FUND AND SHAREHOLDERS’ RIGHTS ARE EXTREMELY LIMITED.

*

LACK OF LIQUIDITY AND TRANSFER RESTRICTIONS AN INVESTMENT IN A PRODUCT WILL BE ILLIQUID AND THERE WILL BE SIGNIFICANT RESTRICTIONS ON TRANSFERRING INTERESTS IN SUCH PRODUCT. THE PRODUCTS ARE NOT REGISTERED WITH THE SEC, ANY STATE SECURITIES LAWS, OR THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED, AND THE SHARES OF EACH PRODUCT ARE BEING OFFERED IN A PRIVATE PLACEMENT PURSUANT TO RULE 506(C) UNDER REGULATION D OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). AS A RESULT, THE SHARES OF EACH PRODUCT ARE RESTRICTED SHARES AND ARE SUBJECT TO A ONE-YEAR HOLDING PERIOD IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT. IN ADDITION, NONE OF THE PRODUCTS CURRENTLY OPERATES A REDEMPTION PROGRAM. BECAUSE OF THE ONE-YEAR HOLDING PERIOD AND THE LACK OF AN ONGOING REDEMPTION PROGRAM, SHARES SHOULD NOT BE PURCHASED BY ANY INVESTOR WHO IS NOT WILLING AND ABLE TO BEAR THE RISK OF INVESTMENT AND LACK OF LIQUIDITY FOR AT LEAST ONE YEAR. NO ASSURANCES ARE GIVEN THAT AFTER THE ONE YEAR HOLDING PERIOD, THERE WILL BE ANY MARKET FOR THE RESALE OF SHARES OF ANY PRODUCT, OR, IF THERE IS SUCH A MARKET, AS TO THE PRICE AT SUCH SHARES MAY BE SOLD INTO SUCH A MARKET.

*

POTENTIAL RELIANCE ON THIRD-PARTY MANAGEMENT; CONFLICTS OF INTEREST THE PRODUCTS AND THEIR SPONSORS OR MANAGERS AND ADVISORS MAY RELY ON THE TRADING EXPERTISE AND EXPERIENCE OF THIRD-PARTY SPONSORS, MANAGERS OR ADVISORS, THE IDENTITY OF WHICH MAY NOT BE FULLY DISCLOSED TO INVESTORS. THE PRODUCTS AND THEIR SPONSORS OR MANAGERS AND ADVISORS AND AGENTS MAY BE SUBJECT TO VARIOUS CONFLICTS OF INTEREST.

*

FEES AND EXPENSES

EACH PRODUCT’S FEES AND EXPENSES (WHICH MAY BE SUBSTANTIAL REGARDLESS OF ANY RETURNS ON INVESTMENT) WILL OFFSET EACH PRODUCT’S

TRADING PROFITS.

ADDITIONAL GENERAL DISCLOSURES INVESTORS MUST HAVE THE FINANCIAL ABILITY, SOPHISTICATION/EXPERIENCE AND WILLINGNESS TO BEAR THE RISKS OF AN INVESTMENT. THIS DOCUMENT IS INTENDED FOR THOSE WITH AN IN-DEPTH UNDERSTANDING OF THE HIGH RISK NATURE OF INVESTMENTS IN DIGITAL ASSETS AND THESE INVESTMENTS MAY NOT BE SUITABLE FOR YOU. THIS DOCUMENT MAY NOT BE DISTRIBUTED IN EITHER EXCERPTS OR IN ITS ENTIRETY BEYOND ITS INTENDED AUDIENCE AND THE PRODUCTS AND GRAYSCALE WILL NOT BE HELD RESPONSIBLE IF THIS DOCUMENT IS USED OR IS DISTRIBUTED BEYOND ITS INITIAL RECIPIENT OR IF IT IS USED FOR ANY UNINTENDED PURPOSE. THE PRODUCTS AND GRAYSCALE DO NOT: MAKE RECOMMENDATIONS TO PURCHASE OR SELL SPECIFIC SECURITIES; PROVIDE INVESTMENT ADVISORY SERVICES; OR CONDUCT A GENERAL RETAIL BUSINESS. NONE OF THE PRODUCTS OR GRAYSCALE, ITS AFFILIATES, NOR ANY OF ITS DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS SHALL HAVE ANY LIABILITY, HOWSOEVER ARISING, FOR ANY ERROR OR INCOMPLETENESS OF FACT OR OPINION IN IT OR LACK OF CARE IN ITS PREPARATION OR PUBLICATION, PROVIDED THAT THIS SHALL NOT EXCLUDE LIABILITY TO THE EXTENT THAT THIS IS IMPERMISSIBLE UNDER APPLICABLE

SECURITIES LAWS.

THE LOGOS, GRAPHICS, ICONS, TRADEMARKS, SERVICE MARKS AND HEADERS FOR EACH PRODUCT AND GRAYSCALE APPEARING HEREIN ARE SERVICE MARKS, TRADEMARKS (WHETHER REGISTERED OR NOT) AND/OR TRADE DRESS OF GRAYSCALE INVESTMENTS, LLC. (THE “MARKS”). ALL OTHER TRADEMARKS, COMPANY NAMES, LOGOS, SERVICE MARKS AND/OR TRADE DRESS MENTIONED, DISPLAYED, CITED OR OTHERWISE INDICATED HEREIN (“THIRD PARTY MARKS”) ARE THE SOLE PROPERTY OF THEIR RESPECTIVE OWNERS. THE MARKS OR THE THIRD PARTY MARKS MAY NOT BE COPIED, DOWNLOADED, DISPLAYED, USED AS METATAGS, MISUSED, OR OTHERWISE EXPLOITED IN ANY MANNER WITHOUT THE PRIOR EXPRESS WRITTEN PERMISSION OF THE RELEVANT PRODUCT AND GRAYSCALE OR THE OWNER OF SUCH THIRD PARTY MARK. THE ABOVE SUMMARY IS NOT A COMPLETE LIST OF THE RISKS AND OTHER IMPORTANT DISCLOSURES INVOLVED IN INVESTING IN ANY PRODUCT OR DIGITAL ASSETS AND IS SUBJECT TO THE MORE COMPLETE DISCLOSURES CONTAINED IN EACH PRODUCT’S OFFERING DOCUMENTS, WHICH MUST BE REVIEWED CAREFULLY. � All rights reserved, Grayscale, 2020

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*AN ACCREDITED INVESTOR, IN THE CONTEXT OF A NATURAL PERSON, INCLUDES ANYONE WHO EITHER EARNED INCOME THAT EXCEEDED $200,000 (OR $300,000 TOGETHER WITH A SPOUSE) IN EACH OF THE PRIOR TWO YEARS, AND REASONABLY EXPECTS THE SAME FOR THE CURRENT YEAR, OR, HAS A NET WORTH OVER $1 MILLION, EITHER ALONE OR TOGETHER WITH A SPOUSE (EXCLUDING THE VALUE OF THE PERSON’S PRIMARY RESIDENCE).

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Text

is long

WHY BITCOIN MATTERS

financial system

DROP GOLD VIDEO

investing

FAQ - DROP GOLD

is long

WHY BITCOIN MATTERS

financial system

DROP GOLD VIDEO

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FAQ - DROP GOLD

68 - DROP GOLD

Will last over time

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WHY BITCOIN MATTERS

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DROP GOLD VIDEO

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FAQ - DROP GOLD

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is long

WHY BITCOIN MATTERS

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Will last over time