May. 08, 2022
Dear SEC, I am Brandon O’Halloran (33 years old), GM of Commerce at Airship from Nebraska and 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. The United States needs to move quickly to be a leader in the global space around Bitcoin as it’s the key to sustaining our powerful position in the world. Many other countries have already taken these steps to approve spot BTC ETFs. My hope if that this will be come a pressing priority for the US immediately. Sincerely, Brandon O'Halloran