May. 08, 2022
Dear SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. By not approving this conversion, seems the SEC is not protecting me, the investor, the very person you were appointed to protect. Last October, the SEC approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. Why? Seems appropriate that investors should be able to choose direct or futures-based exposure to Bitcoin. The discount to NAV in GBTC has been around 25%, on average, this year. This means that the price of GBTC is less than the price of Bitcoin, the asset itself. Given that GBTC has about $30 Billion in AUM, shareholders like me are experiencing a destruction of value of around $7.5 Billion. I urge that the SEC approve the conversion of GBTC to an ETF and protect the interest of investors. Thank you for your kind consideration. Sincerely, David Johnson Sheridan, Wyoming