May. 08, 2022
Dear SEC, I am Jeremy Brackett from Massachusetts. I am in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust (OTCQX: GBTC) – the world’s largest publicly traded crypto asset fund, with approximately $30 billion in AUM, hundreds of millions in daily trading volume, more than 850,000 investors, holding approximately 3.4% of all Bitcoins outstanding – into a Bitcoin Spot ETF. This year, GBTC has traded at an approximately 25% discount to its NAV, which means the price of GBTC is less than the price of its underlying assets, Bitcoin. With approximately $30 billion in AUM, that results in approximately $7.5 billion of trapped value from existing U.S. investors. It seems strange that other countries have approved Bitcoin spot ETF's while the US has not. Also, I am a father to 11 children and it would be nice for institutions, hedge funds, etc to be able to allocate funds to the ETF which should make the value of Bitcoin appreciate. I would be better able to provide for my family in these turbulent times. Sincerely, Jeremy Brackett