Item 8.01. Other Events
On February 12, 2020, the sole member of Grayscale Investments, LLC, the sponsor (the Sponsor) of Grayscale Bitcoin Trust
(BTC) (the Trust), formed a board of directors of the Sponsor (the Board) and delegated to the Board all of its authority to manage and direct the affairs of the Sponsor. The Board initially consists of Barry E. Silbert,
Simcha Wurtzel and Michael Sonnenshein. It is expected that each of Messrs. Silbert, Wurtzel and Sonnenshein will serve on at least one committee of the Board, which have yet to be established. Messrs. Silbert, Wurtzel and Sonnenshein are also
officers of the Sponsor and will retain the authority granted to them as officers under the limited liability company agreement of the Sponsor, including the management functions of the Sponsor.
Barry E. Silbert, Chairman and Chief Executive Officer
Barry E. Silbert, 43, is the founder and Chief Executive Officer of the Sponsor. Mr. Silbert is also the founder and Chief Executive
Officer of Digital Currency Group, Inc. (DCG), a global enterprise that builds, buys, and invests in blockchain companies all over the world. DCG is the parent company of the Sponsor, the Authorized Participant, as well as CoinDesk.
A pioneer in Bitcoin investing, Mr. Silbert began buying Bitcoin in 2012 and quickly established himself as one of the earliest and most
active investors in the industry.
Mr. Silbert founded DCG in 2015 and today, DCG sits at the epicenter of the blockchain industry,
backing more than 150 companies across 30 countries, including Coinbase, Ripple, and Chainalysis. DCG also invests directly in digital currencies and other digital assets.
Prior to leading DCG, Mr. Silbert was the founder and CEO of SecondMarket, a technology company that was acquired by Nasdaq.
Mr. Silbert has received numerous accolades for his leadership including Entrepreneur of the Year by both EY and Crains, and being selected to Fortunes 40 under 40 list.
Before becoming an entrepreneur, Mr. Silbert worked as an investment banker. He graduated with honors from the Goizueta Business School
of Emory University.
Simcha Wurtzel, Board Member and Vice President, Finance
Simcha Wurtzel, 38, is the Vice President, Finance of the Sponsor. Mr. Wurtzel previously served as Vice President, Finance and
Controller of the Sponsor from May 2013 to April 2018. In addition to his role at the Sponsor, Mr. Wurtzel is the Vice President of Finance of Digital Currency Group, Inc. From 2007 to 2015, he served as the Financial and Operations Principal
for DCG Holdco, Inc. (formerly known as SecondMarket Holdings, Inc.). Mr. Wurtzel holds a B.S. degree in accounting from Touro College, New York.