May. 06, 2022
To whom it may concern: I am a resident of Virginia. I would like to voice my support for converting the Grayscale Bitcoin Trust (GBTC) to an ETF. I have owned GBTC since 2017 and have seen its price fluctuate from a great premium to NAV and then now to a significant discount to NAV. This asset should trade much closer to NAV, and I believe conversion to an ETF would support this end. Without the ability to redeem bitcoin, the GBTC trust essentially serves as a reserve of burned untouchable bitcoins, reducing the supply artificially while not reflecting the true price of the asset. Other countries have allowed Bitcoin ETFs without material damage to markets. The spot bitcoin market functions relatively well. This ETF would bring about additional liquidity and stability to this asset that artificially trades at a premium or discount to NAV without good reason. GBTC also has an extremely high fee, and I believe conversion to an ETF would allow Grayscale to reduce its fee. Thank you and kind regards, Ryan Posey