Feb. 26, 2022
Dear SEC, I am a U.S. citizen currently holding GBTC in my retirement account. I support converting the Grayscale product to an ETF. I am thankful that GBTC was available for trading several years ago, so that I could get exposure to the price of Bitcoin in my 401k. I even recommended this product to my friends and family. In recent years, spot ETF’s have been created in many countries. The availability of these products has reduced the demand for GBTC, and thus it is now trading below its NAV. This negative pricing has hurt the investment portfolio of myself and the friends who took my advice to buy GBTC. If GBTC is converted to an ETF, it is likely that price parity with NAV will return and will correct the harm to investors created by the current SEC regulatory denials of spot Bitcoin ETF products. Thank you for listening, Jeremy Bailey