May. 06, 2022
I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. I fail to see how not approving this protects me as a consumer. This previous October, you approved futures-backed Bitcoin ETFs. I fail to see how allowing exposure to bitcoin as the underlying asset differs between direct or futures driven exposure. This appears to be a regulatory contradiction. Given that GBTC has about $30bn in AUM, existing shareholders like me are experiencing a destruction of value of around $7.5 billion. GBTC is the world’s largest publicly-traded cryptocurrency fund, with hundreds of millions in daily trading volume. It holds approximately 3.4% of all Bitcoins outstanding, and is held by more than 850,000 investors, like me. I’m writing from Maryland, and I thank you for considering my support for GBTC's conversion to an ETF. Sincerely, Hayden