QBTC The Bitcoin Fund

(TSX: QBTC, QBTC.U) The Bitcoin Fund (the “Fund”) is pleased to announce its at-the-market equity program (the “ATM Program”) to allow the Fund to issue Class A Units having an aggregate sale price of up to US$150,000,000 (the “Class A Units”) to the public from time to time, at the discretion of 3iQ Corp. (the “Manager”). Any Class A Units issued will be sold at the prevailing market price at the time of sale through the Toronto Stock Exchange (“TSX”) or any other marketplace in Canada on which the Class A Units are listed, quoted or otherwise traded.

The volume and timing of distributions under the ATM Program, if any, will be determined at the Manager’s sole discretion. The ATM Program will be effective until December 5, 2022 unless terminated prior to such date by the Fund. The Fund intends to use the proceeds from the ATM Program in accordance with the Fund’s investment objectives, investment strategies and investment restrictions.

Sales of the Class A Units through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated December 29, 2020 with Canaccord Genuity Corp. (the “Agent”).

Sales of Class A Units will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Class A Units in Canada. Since the Class A Units will be distributed at prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. The ATM Program is being offered pursuant to a prospectus supplement dated December 29, 2020 to the Fund’s short form base shelf prospectus dated November 5, 2020. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the Agent, and are available on SEDAR at www.sedar.com.

About 3iQ Corp.

Founded in 2012, 3iQ Corp. (“3iQ”) is Canada’s largest digital asset investment fund manager with more than C$735 million in assets under management. 3iQ was the first Canadian investment fund manager to offer a public bitcoin investment fund, The Bitcoin Fund (TSX:QBTC). Gaining access to digital assets such as bitcoin can be daunting, costly, and inconvenient. 3iQ offers investors convenient and familiar investment products to gain exposure to digital assets. For more information about 3iQ and The Bitcoin Fund, visit www.3iQ.ca or follow us on Twitter @3iQ_corp.

Contact InformationFred Pye - President and CEOE: fred.pye@3iQ.caP: +1 (416) 639-2130

A short form base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The Fund intends to file a supplement to the short form base shelf prospectus, and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada.

You will usually pay brokerage fees to your dealer if you purchase or sell units of the Fund on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”). If the units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the Fund and may receive less than the current net asset value when selling them.

There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in its public filings available at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.