May. 06, 2022
Hi I am writing in support of GBTC being converted into an ETF. I am a long term investor in GBTC and have experienced the inefficiency of the current structure and loss due to discount to NAV. I am supportive of the conversion due to the following reasons: It is aligned to the SEC mission of protecting investors and allowing for efficient markets. The current structure is inefficient and allows for steep discounts to NAV - risking investors capital. Investors capital would be further protected through an ETF conversion by more closely tracking NAV. Allows for the US markets to play a leadership role in cryptocurrency. The US market faces the risk of investors migrating capital to other markets like Canada who have approved spot bitcoin ETFs A bitcoin futures ETF has been approved by the SEC and not approving a GBTC etf conversion would be inconsistent with that decision as they both ultimately track the same instrument Regards Simon Paparone