Davis Polk advised Grayscale Investments, LLC, as sponsor, in connection with the registration of the common units of fractional undivided beneficial interest (“Shares”) of Grayscale Bitcoin Trust (BTC). The Shares were registered pursuant to a registration statement on Form 10. Grayscale Bitcoin Trust’s Shares are the first publicly quoted securities solely invested in and deriving value from the price of Bitcoin. Grayscale Bitcoin Trust enables investors to gain exposure to the price movement of Bitcoin through a traditional investment vehicle, without the challenges of buying, storing and safekeeping Bitcoin. The Shares are quoted on the OTCQX under the ticker symbol “GBTC”.

Grayscale Investments, LLC is the world’s largest digital currency asset manager, with more than $2.6 billion in assets under management, as of January 17, 2019. Grayscale is headquartered in New York City.

The Davis Polk capital markets team included partner Joseph A. Hall and associates Hillary A. Coleman, Heita Miki and Ryan J. Lewis. The tax team included partners Mary Conway and Patrick E. Sigmon and associate Alexander J. Hendin. Partner Jai R. Massari and counsel Zachary J. Zweihorn provided financial institutions advice. Partner Gregory S. Rowland provided 1940 Act advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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