Digital Currency Group subsidiary, Grayscale Investments, has selected Xapo as custodian for the Bitcoin Investment Trust’s assets. The Bitcoin Investment Trust or BIT solely invests in and derives value from the price of bitcoin.
First launched in September 2013, BIT shares became the first publicly-quoted bitcoin investment securities. The shares launched on top tier marketplace OTCQX in early May 2015 with the trading symbol GBTC.
Barry Silbert, CEO of Digital Currency Group and Creator of BIT commented:
As the Bitcoin Investment Trust continues to grow its assets under management and provide the global investment community with a familiar and transparent structure to gain bitcoin exposure, we are excited to partner with Xapo. As a leader in the bitcoin vaulting and storage space, Xapo joins the ranks of the Bitcoin Investment Trust’s other leading service providers.
Wences Casares, Founder and CEO of Xapo, noted:
We feel pleased that a team as knowledgeable as Digital Currency Group and Grayscale chose Xapo as custodian for the Bitcoin Investment Trust. Moreover, Xapo is excited to work on such a groundbreaking project: the BIT will have a large, positive impact on the future of both bitcoin and the investment community.
Founded in 2013, Grayscale builds, incubates and seeds bitcoin and blockchain technology-related companies.
Xapo provides a bitcoin wallet service combined with a deep cold storage vault. Established in 2014, the startup has raised $41 million from Benchmark, Greylock Partners, Fortress Investment Group and other premier investors. Xapo’s advisory board includes Former Treasury Secretary Larry Summers, John Reed, former Chairman of Citibank and Dee Hock, the founder of Visa.