Apr. 22, 2022
Hello I would like to convey my overwhelmingly strong support for the conversion of the Greyscale Bitcoin Trust into an ETF. Officially, the following reasons underlie my reasoning on why I believe this conversion should take place immediately: The ETF would more effectively track the price of Bitcoin, effectively eliminating discounts and premiums, and therefore, significantly reducing the risk for market manipulation of both the underlying Bitcoin and GBTC Right now, as currently setup, GBTC is ripe for manipulation, so the conversion of this into an ETF would actually protect my holdings and other shareholders The conversion would allow GBTC to be listed on a major exchange, providing more transparency to existing investors when compared to trading OTC Management fees would hopefully fall as a result of increased competition in the ETF space I am a long term holder of GBTC and have experienced both the unreasonable premiums and unreasonable discounts. The volatility is unbearable, but the worst part is the opportunity for market manipulation from short-term investors at the expense of long-term investors. I believe this reason and the other reasons outlined above far exceed any risks posed by having an ETF that tracks the underlying Bitcoin. It is with great urgency that I request the SEC allow this conversion to take place. Thank you, Ryan Abney