May. 06, 2022
Hello, I manage four trusts that hold positions in the Grayscale Bitcoin Trust. I am writing to strongly support the conversion of GBTC into an ETF. 1) The conversion would result in a substantially reduced gap between the NAV of the trust and the price of the shares. At times, this gap has been considerable. 2) As part of the conversion, Grayscale has committed to reduce fees on the fund, which would benefit investors. 3) The current trust structure creates some complexities in taxes and reporting. Small amounts of assets in the trust are sold weekly to cover the fund's fee and expenses and these show up on tax forms. The ETF would dramatically simplify this. 4) Since the launch of the fund (at which time it was the only publicly traded option for investors wanting to establish a position in bitcoin), other funds have launched in Canada under an ETF structure. Changing Grayscale's structure would allow GBTC to become competitive with these alternatives. Please approve the conversion, as it would benefit all investors in the fund. Thank you, Chris Bolster