May. 08, 2022
To the SEC: I am a shareholder in the Grayscale Bitcoin Trust (GBTC), and am asking you to approve the conversion of the fund to an Exchange Trade Fund (ETF). GBTC is the world's largest publicly traded cryptocurrency fund. Last October, the SEC approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. Given that investors use both vehicles to gain exposure to the same underlying asset, Bitcoin—from which both vehicles derive their prices—we, as investors, should be able to choose if we’d like direct or futures-based exposure to that asset. The discount to net asset value in GBTC has been over 20% this year. By not taking action on the proposal to convert to ETF, massive value is being lost by the shareholders in this fund that the SEC is trying to protect. I hope the SEC will seriously consider this proposal. Respectively, Thomas D Carlson The Woodlands, Tx