Mar. 10, 2022
To Whom it may concern: I am writing today to say that I believe you should allow Grayscale (and others) to convert their bitcoin trust (GBTC) into an ETF. As of today the trust is trading at a 27% discount to the actual value of the bitcoin in the trust itself. Meaning that GBTC is grossly undervalued and unjustly hurting anyone invested in it. How is this fair to investors like myself and others? If you would allow GBTC to be converted to an ETF it would surely track the actual price of bitcoin more accurately and thus, in turn, more fairly help investors. The SEC should want to do this, as your sole mission is to protect investors and markets from unfair or otherwise illegal market activity. Right now investors are being massively hurt by the inaction of the SEC on this subject matter, and it needs to be addressed, and fast. Grayscale also says it will lower the fees associated with GBTC, once converted to an ETF, which will also help investors. Additionally, once converted, the ETF would be traded on the NYSE and off of the over- the- counter market, which again, would help investors. Is that not what the SEC is for, to help investors be treated more fairly? Please take action on this subject matter, and allow Grayscale to convert the trust to an ETF. Doing so is the right and just thing to do...and there is really no reason not to allow this to happen. Thank you for listening and I thank you in advance for allowing GBTC to become an ETF. Sincerely, Chris Cahak.