The first publicly quoted bitcoin investment vehicle

The Bitcoin Investment Trust provides a secure structure to gain exposure to the price performance of bitcoin. Eligible shares are quoted on the OTCQX®, the top marketplace operated by OTC Markets under the Alternative Reporting Standards. Investors can buy and sell shares through most traditional brokerage accounts at prices dictated by the market.

Grayscale Investments, LLC, the sponsor (the "Sponsor") of the Bitcoin Investment Trust (OTCQX: GBTC) (the "Trust"), declared a 91-for-1 stock split of the Trust's issued and outstanding shares. With the split, shareholders of record on January 22, 2018 will receive 90 additional shares of the Trust for each share held.

The stock split will be effected on January 26, 2018 to shareholders of record as of the close of business on January 22, 2018. Following the stock split, the Trust's shares will continue to be quoted on the OTCQX under the symbol "GBTC."

Based on 1,916,600 shares of the Trust issued and outstanding as of the date of this press release, immediately after effectiveness of the stock split on January 26, 2018, the Trust would have 174,410,600 shares outstanding. The Trust may create new shares after the date of this press release and up through the record date. After the close of business on the record date, the Trust will announce the total number of shares that will be issued and outstanding immediately after effectiveness of the stock split on January 26, 2018, which will give effect to any such new shares created after the date of this press release and up through the record date.

Shareholders are not required to take any action to receive the shares in connection with the stock split and they will not be required to surrender or exchange their shares in the Trust. The transfer agent will automatically issue the new shares in the stock split.

The transfer agent for shares of the Trust is Continental Stock Transfer & Trust Company. For questions relating to the transfer or mechanics of the stock split, stockholders may contact Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, NY 10004-1561, or by phone at: 800-509-5586 (Domestic callers) or 212-509-4000 (International callers). If shares are held by a bank, broker or other nominee, stockholders should contact that institution directly.

Shareholders contemplating a transaction in the Trust's shares between the record date and payment date should consult a broker regarding their entitlement to the split shares.

About Grayscale Investments, LLC

Founded in 2013, Grayscale Investments, LLC is a wholly-owned subsidiary of Digital Currency Group, Inc., which builds and supports bitcoin and blockchain companies by leveraging its insights, network, and access to capital. A trusted authority on digital currency investing, Grayscale provides market insight and investment exposure to the developing digital currency asset class. Grayscale is the sponsor of the Bitcoin Investment Trust, the Ethereum Classic Investment Trust, and the Zcash Investment Trust.

Grayscale Investments, LLC is headquartered in New York City. www.grayscale.co