Bitcoin Adoption Growing & Fundamentals Improving; Raising
Price Projection

INVESTMENT HIGHLIGHTS: Due to faster-than-expected adoption and improving fundamentals we are raising our Bitcoin price projection (from $655 to $848) but
downgrading GBTC (to HOLD from BUY) based on the substantial premium at which shares trade relative to their net asset value. Focusing on Bitcoin, we’re encouraged
that 1) adoption is trending faster than we forecasted in March, 2) fundamentals are improving, and 3) there are upcoming protocol improvements that we think present
attractive optionality for the price of Bitcoin. At the highest level, we continue to see value in Bitcoin as a “digital gold” and as a payment network that is enabling a global,
open, permissionless financial system.

Read the Full Report: 325399105-needham-bit-coin-report