Apr. 22, 2022
I am a Pennsylvania resident and GBTC shareholder who is opposed to the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. However. I would like you to approve future applications for spot Bitcoin ETFs. We, as investors, should be able to choose if we’d like direct or futures-based exposure to that asset. I realize the discount to NAV in GBTC this year has been around 25% and shareholders like me are experiencing a loss of value. However, my concern is that many ETFs do not own enough securities to back up their shares. Given that this is a high risk investment, I would not like to add to that risk by buying into an unsecured ETF. That said, if there is anything you can do to equalize the market value so that it is closer to the trading value of BTC, shareholders like me would greatly appreciate it. Sincerely, Marie McCaffrey