May. 08, 2022
Hello SEC Staff, I'm writing to petition that you allow Grayscale to convert GBTC (Grayscale Bitcoin Trust) into an exchange traded fund. I've followed GBTC since 2017 and in that time I've seen it trade with a 100% premium, a 30% discount, and everywhere in between. The conversion of GBTC would allow market makers to arb discounts/premiums more readily and thus allow the fund to more closely track the value of its underlying assets. Additionally, I believe the conversion and competition from other ETFs would push management fees down. Currently, Grayscale charges an eye-watering 2% management fee for its near monopolistic position in allowing investors to access Bitcoin in traditional brokerage accounts. In short, this conversion would 1) make my investment more efficient and 2) save me money. The SEC wants to help individual investors, correct? Thanks very much, Bill O'Neill