May. 06, 2022
As a California resident and investor, I ask that you please approve the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. During Fall 2021, you approved futures-backed Bitcoin ETFs, but have yet to approve applications for spot ETFs. As a result, GBTC has remained crippled, with an average discount that has remained above 20% this year. With GBTC's ~$30 billion in AUM, that is over $6 billion in value that is missing from our investment. Investors like me who intend to diversify their exposure to an underlying asset cannot do so effectively when preferential treatment is given to only one type of exposure. Thank you for the opportunity to express my view. Please approve the conversion of GBTC. We need your protection. Sincerely, -- David Gury