May. 06, 2022
Hello, dear SEC officials, As a GBTC shareholder, I'm strongly feeling the importance of converting the fund to an ETF. The improvement in efficiency is significant. Nowadays, GBTC is traded with a discount to spot Bitcoin price, converting to an ETF will effectively remove the unnecessary discount, making the fund track more accurately in the future, which is exactly shareholders want. The management fee in GBTC will get reduced by converting to an ETF which is the benefit of a more advanced fund structure. The spot Bitcoin ETF has been successfully operated in Canada for a while. The benefit to the Canadian shareholders is huge. The risk and concern on volatility, if there is any, should be eliminated, given the success of the Canadian Bitcoin ETF and the future ETF running in the US. US shareholders are equally if not more educated than Canadians in this aspect. Spot ETF is much more efficient to US shareholders than the future ETF or closed-end fund like GBTC. As a GBTC shareholder, one more day the ETF not getting approved, is one more day I'm paying the unnecessary cost. Regards, Guangle