May 6, 2022
I would prefer my name to be anonymous if possible. If the SEC is to protect investors, then please convert GBTC to an ETF. Converting to an ETF will help all existing and future investors not be victim to the discount, which has often been 20-30% in the last year or more. Also the current structure has a 2% annual expense ratio. Converting to an ETF would close the discount to NAV helping all current investors who have become underwater just due to the current structure. Anyone who invests in Bitcoin realizes its volatility, and can buy GBTC regardless. Converting to an ETF will help people pay an annual fee closer to .75% rather than the current 2%. If GBTC is not converted to an ETF, all current holders will be stuck at a 20-30% loss due to the discount, regardless of what the acutal price of Bitcoin does, They will also be stuck paying 2% fees forever. So by approving it as an ETF, the SEC will be protecting investors from being stuck in a product that has turned into having a massive discount, and a large annual fee. I think most investors assumed the SEC would have approved the ETF a long time ago and wouldnt be stuck with the discount and high fee. GBTC holds bitcoin and is suppsoed to refelct the price of BTC directly, but is unable to do so until the SEC approves the ETF. GBTC has been around for years, and they have over reported to the SEC for a long time. It's finally time to approve a spot Bitcoin ETF. Thanks for your time!