United States Bitcoin and Treasury Investment Trust Files Amendment No. 6 to its S-1 Registration Statement with the SEC

Wilshire Phoenix Funds, LLC, the sponsor of the United States Bitcoin and Treasury Investment Trust (the “Trust”) announced today that the Trust has filed Amendment No. 6 to its registration statement on its Form S-1 with the Securities and Exchange Commission (“SEC”) relating to the planned initial public offering of its common shares (the “Shares”). The Trust is an exchange-traded product (ETP) that will issue Shares that will trade on NYSE Arca once approved by the SEC. The initial registration statement was filed with the SEC on January 11, 2019 and Amendment No. 6 was filed on February 14, 2020.

The purpose of the Trust is to provide investors with exposure to Bitcoin in a regulated and transparent manner that is consistent with investor protection, while also mitigating some of the risk by reducing the volatility typically associated with the purchase of Bitcoin.

The Trust’s constituents will be (a) Bitcoin, a digital asset based on the cryptographic protocols used by the decentralized, peer-to-peer bitcoin computer network (“Bitcoin”) and (b) short-term duration United States Treasury Bills (“T-Bills”) in proportions that seek to closely replicate the Bitcoin Treasury Index (“BTI”). This makes the Shares less susceptible to the impact of sudden movements in the price of Bitcoin.

The BTI rebalances its allocation of Bitcoin and T-Bills on a monthly basis utilizing a mathematically derived passive rules-based methodology that is based on the daily volatility of the Chicago Mercantile Exchange’s Bitcoin Reference Rate. The Trust rebalances its assets on a monthly basis in order to closely replicate the BTI.

The Trust will also hold U.S. dollars for short periods of time in connection with (i) the purchase, sale and/or maturity of T-Bills, (ii) the purchase and sale of Bitcoin, and (iii) the payment of redemptions, if any, and fees and expenses of the Trust.

The number of common shares to be offered and the price range for the proposed offering have not yet been determined. Electronic versions of the Trust’s filings with the SEC, including Amendment No. 6 to its registration statement on its Form S-1, can be found at the SEC’s EDGAR system at https://www.sec.gov/cgi-bin/browse-edgar?company=united+states+bitcoin&owner=exclude&action=getcompany.

The offering of shares of the Trust will be made only by means of a prospectus. A copy of the preliminary prospectus, when available, may be obtained by mail from Wilshire Phoenix Funds, LLC, 2 Park Avenue, 20th Floor, New York, New York 10016, or by emailing [email protected].

The registration statement relating to these securities has been filed with the SEC but has not yet been declared effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Wilshire Phoenix

Wilshire Phoenix is a New York based investment management firm dedicated to helping its clients manage assets throughout the investment lifecycle. The fundamental premise upon which the firm is built is to fulfill the needs of its clients in a rapidly evolving market. Whether providing financial solutions for institutions, private clients or individual investors, Wilshire Phoenix delivers informed investment management services for both traditional and alternative assets. To learn more, contact [email protected].

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy. Words such as “will,” “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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