The sponsor of the Bitcoin Investment Trust, Grayscale Investments, LLC, announced today that it has requested withdrawal of its Registration Statement on Form S-1 (File No. 333-215627) that was initially filed on January 20, 2017 with the U.S. Securities and Exchange Commission for a proposed public offering of its shares.

The Registration Statement has not been declared effective, and no securities have been sold in connection with the offering described in the Registration Statement.

Withdrawal of the Registration Statement does not impact quotation of the Trust’s shares on the OTCQX.

Earlier this year, the SEC rejected two “Rule 19b-4” applications for the exchange listing of digital currency products. In light of those rejections and the sponsor’s belief there had not been enough regulatory developments to prompt the SEC to approve a similar Rule 19b‑4 application, the NYSE Arca, Inc. withdrew the Rule 19b-4 application seeking approval to list shares of the Trust on the NYSE Arca on September 27, 2017. Because an exchange listing of the Trust’s shares is not currently feasible, Grayscale Investments has determined that it is in the best interests of the Trust to withdraw the Registration Statement.

Grayscale Investments intends to continue its dialogue with the SEC and to closely monitor regulatory developments in order to be prepared to proceed with a public offering and exchange listing of the Trust’s shares when conditions permit, although Grayscale Investments cannot predict when this will be.