Apr. 22, 2022
Dear SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. By dissapproving this conversion, you are not protecting me, the investor – the very person you were appointed to protect. Last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. Given that investors use both vehicles to gain exposure to the same underlying asset, Bitcoin—from which both vehicles derive their prices—we, as investors, should be able to choose if we’d like direct or futures-based exposure to that asset. With the discount to NAV ranging between 20% and 30% this year, the price of GBTC is less than the price of Bitcoin the asset. Given that GBTC has about $30 Billion in AUM, shareholders like me are experiencing a destruction of value of around $7.5 billion. I’m writing from Oregon to express my view with the hope that you will approve this conversion and protect the interest of investors. Sincerely, Jeff Pokorny