The Bitcoin Investment Trust (Ticker: GBTC), sponsored by Grayscale and part of the Digital Currency Group, has initially filed to raise $500 million in an IPO.
The Bitcoin Investment Trust was created by Grayscale, a subsidiary of Barry Silbert’s Digital Currency Group, for the purpose of transacting Bitcoin, or BTC, on behalf of private investors. The trust initially launched in September 2013 as a private investment instrument and currently is quoted on the OTCQX under the “Alternative Reporting Standards” via the symbol GBTC. Management of the trust is run by the sponsor, Grayscale, of which Silbert is CEO. VP Finance of Grayscale is Simcha Wurtzel, who is previously from Silbert’s SecondMarket.