May. 08, 2022
Dear SEC, I am Anthony Grek, I am a full time student at Northern Illinois from Illinois. 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. GBTC converting to a Spot ETF would literally be one of the best things that could happen for me and many, many others. Investors deserve to be able to choose the investment vehicles they want to invest in. Rejecting the ETF would NOT be protecting investors. Sincerely, Anthony Grek