May. 07, 2022
Dear SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) — the world’s largest publicly-traded cryptocurrency fund — to an ETF. As a former Tax Partner for a National CPA firm I find the current taxation of GBTC extremely complex and doubt very much the compliance with current tax laws. The conversion of GBTC to an ETF will simplify greatly the IRS reporting and tax compliance burden. Retail investors like myself want exposure to GBTC as part of a diversified portfolio. Your reluctance to approve only delays the inevitable and increases the difficulties encountered by retail investors. Furthermore, the discount to NAV in GBTC has been around 25%, on average, this year further distorting the economics of the free market. I’m writing from Kansas, with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of investors. Sincerely, Kevin Cook