May. 06, 2022
I write as a shareholder in GBTC - Greyscale Bitcoin Trust. I am in support of the conversion of GBTC to an ETF. I know that you have approved futures based Bitcoin ETF's, but continue to reject applications for spot Bitcoin ETF's. GBTC has $30 billion of AUM and is trading at a 25% discount because it has not been able to gain conversion to an ETF basis. This has resulted in $7.5 billion in value destruction. In addition, investing in ETFs will simplify gain tracking and improve IRS compliance with tax laws regarding cryptocurrency. I have invested in Bitcoin this way because it is less complicated. Thank you for considering my comments. Christopher Mohn