May. 06, 2022
Hi, I would like to totally 100% endorse the conversion of the GBTC Bitcoin Trust to a Spot BitCoin ETF. Currently, GBTC shareholders are getting totally hosed because the Trust does not have to trade at the net-asset-value of the underlying BitCoin holdings. As you can see from the graphic referenced below, GBTC is currently trading at a whopping 25% discount to NAV: GBTC Discount or Premium to NAV GBTC Discount or Premium to NAV In depth view into GBTC Discount or Premium to NAV including historical data from 2013, charts and stats. The only reason, of course, is because GBTC is not an ETF and does not trade at its true NAV. If you are going to allow investors to invest in BitCoin, and the fact that the GBTC Trust exiss today shows that the US governing bodies decided to, yes, let investors invest in BitCoin, then why not simply make it fair and let GBTC convert to an ETF so that investors get a fair shake (on both the upside, and the downside) with respect to their investment in BitCoin trading at NAV? Thanks for listening. Best regards, Mike