Grayscale Investments® File a lawsuit in opposition to the SEC

File a Petition for Review with the United States Court of Appeals for the District of Columbia Circuit

Will debate the SEC Violative Administrative Procedure Act and the Securities Exchange Act of 1934

NEW YORK, June 29, 2022 (GLOBE NEWSWIRE) – Grayscale Investments®The world’s largest digital currency asset manager, today announced that Senior Legal Strategist, former United States Attorney General and partner at Munger, Tolles & Olson, Donald B. Verrilli, Jr., filed a reconsideration request with the United States Court of Appeals for the District of Columbia Circuit on behalf of Grayscale – challenging the Securities and Exchange Commission (SEC) decision to deny Grayscale Bitcoin conversion Trust (BTC) (OTCQX: GBTC) to a spot Bitcoin ETF*.

Since 2013, Grayscale has been working on building the largest Bitcoin investment vehicle in the world: GBTC. Grayscale has voluntarily filed registration statements with the SEC to increase the information available to investors and subject these products to SEC scrutiny. Grayscale has also been actively working over the years to provide investors with full disclosure and risk factors for GBTC and its expanding line of crypto investment products.

“Grayscale supports and believes in the SEC’s mandate to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation – and we are deeply disappointed. strongly disagree with the SEC’s decision to continue rejecting spot Bitcoin ETFs to Michael Sonnenshein, Grayscale CEO said. “Through our ETF application review process, we believe U.S. investors have fully expressed their desire to see GBTC convert into a spot Bitcoin ETF, which will unlock billions of dollars in equity capital. investors while bringing the world’s largest Bitcoin fund further into US regulation. We will continue to utilize the full range of corporate resources to advocate for our investors and provide regulatory fair treatment for Bitcoin investment vehicles. “

“As Grayscale and the team at Davis Polk & Wardwell have outlined, the SEC is not applying consistent treatment to similar investment vehicles and is therefore acting arbitrarily and in violation of the Administrative Procedures Act and Securities Exchange Act of 1934,” added Donald B. Verrilli, Jr., Grayscale Senior Legal Strategist and former United States Attorney General. “There’s a compelling, conventional argument here and we look forward to addressing this effectively and quickly.”

Grayscale’s comment writing campaign during its 240-day review period resulted in a record-breaking 11,400+ total SEC filings, with over 99.0 percent show support for the conversion.

* We use the generic term “ETF” to refer to exchange-traded investment vehicles, including those required to be registered under the Investment Company Act of 1940, as amended ( “Act 40”), as well as other exchanges- products traded are not subject to the registration requirements of the ’40 Act.

About Grayscale Investments®

Grayscale enables investors to access the digital economy through a family of secure, regulated, and forward-looking investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world’s largest digital currency asset manager. Investors, advisors, and allocators turn to Grayscale’s private placements, public quotes, and ETFs for single, diversified, and thematic assets. Grayscale products are distributed by Genesis Global Trading, Inc. (FINRA/SIPC Member, MSRB Registered) or Foreside Fund Services, LLC. For more information, please stay tuned @Grayscale Or visit grayscale.com.

Contact via media
Jennifer Rosenthal
press@grayscale.com

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