The Grayscale Bitcoin Trust ETF (GBTC) is not registered under the Investment Company Act of 1940, which means it does not adhere to the same regulations and protections as ETFs and mutual funds registered under the Act. This lack of registration subjects the fund to significant risk and heightened volatility, making it unsuitable for all investors. Potential investors are advised that investing in GBTC is not a direct investment in Bitcoin, and there is a risk of losing the entire investment. Foreside Fund Services, LLC acts as the marketing agent, while Grayscale Investments Sponsors, LLC is the sponsor of the fund.