May. 08, 2022
Dear Ms. Countryman, Today, I write as a shareholder who is in favor of approving the Form 19b-4 that NYSE Arca filled with you to convert the Grayscale Bitcoin Trust (OTCQX:GBTC) into a Bitcoin Spot ETF. This conversion into an ETF will allow the simultaneous creation and redemptions and cause shares currently trading at a significant discount to NAV to better reflect the value of the underlying assets, those offering protection to the hundreds of thousands of investors currently holding GBTC. Taking this measured step to allow investors choice of investing in a Bitcoin Spot ETF and will create a level playing field with the Commission's recently approved futures-based Bitcoin ETFs. This choice allows the individual to best consider their own investment objectives and invest accordingly to meet their needs. Anything otherwise, would go against the SEC's core mission of protecting investors. Thank you for your time and consideration! Respectfully, Patrick Murphy