Wedbush

Considering the recent evolution of the Bitcoin Investment Trust on the OTC Market, we believe it is in the best interest of our clients and the investing public that desire exposure to bitcoin to have access to an ETF trading at NAV rather than through the premium prices at which GBTC currently trades. We have decided to take an active stance in urging the Commission to consider these comments when evaluating the Bitcoin Investment Trust's approval to move to the NYSE ARCA.

Renewed Interest by Large Financial Institutions and Media; Reiterating OUTPERFORM and Raising BTC Price Target to $600

We believe bitcoin and its associated blockchain technology have the potential to disrupt the existing financial infrastructure over the next few years. We believe the value of the bitcoin currency (BTC) will benefit from this trend and therefore are initiating coverage of GBTC with an OUTPERFORM rating and $40 price target.

2014 Saw Bitcoin Go (Quietly) Mainstream as Blockchain Tech Unbundled from Bitcoin Currency Prices; 2015 Will be About Enterprise-Class Infrastructure

This paper observes three key sources of demand for Bitcoin - as a disruptive payment network technology, an alternative uncorrelated asset class, and a safe haven currency, but believe the payment network capabilities are the key to the sustainability of crypto currency, with Bitcoin the early leader.