Press release

United States Bitcoin and Treasury Investment Trust Files Amendment No. 3 to its S-1 Registration Statement with the SEC

Sponsored by Businesswire

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. 3 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 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. 3
was filed on May 21, 2019.

The purpose of the Trust is to provide investors and/or financial
institutions with exposure to Bitcoin in a manner that is more efficient
and convenient, while also mitigating some of the risk by reducing the
volatility typically associated with the purchase of stand-alone Bitcoin
and without the uncertain and often complex requirements relating to
acquiring and/or holding 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 and (b) short-term duration United States
Treasury Bills (“T-Bills”) in proportions that seek to closely replicate
the Bitcoin Treasury Index (“BTI”). 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 without the use of derivatives or leverage methods.

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. 3 to its
registration statement on its Form S-1, can be found at the SEC’s EDGAR
system at

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

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

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.