Patient Capital Management had revised its prospectus to replace Grayscale Bitcoin Trust in a filing with the United States Securities and Exchange Commission (SEC) submitted on March 11. In doing so, it has also modified the risk factors in its prospectus, acknowledging “cryptocurrency regulatory risk” in place of “bitcoin risk.” 

The prospectus reads:

"Effective immediately, the Fund may seek exposure to bitcoin by investing up to 15% of its net assets in exchange traded products that are registered under the Securities Act of 1933 and invest primarily in bitcoin (“Bitcoin ETPs”). Therefore, all references to Grayscale Bitcoin Trust throughout the Prospectus and Statement of Additional Information are replaced with references to Bitcoin ETPs."

This move expands the fund’s investment option to include all BTC ETPs, rather than the Grayscale fund. 

This is a developing story, and further information will be added as it becomes available.