May. 06, 2022
Dear SEC, As a GBTC shareholder, I would like to express my support for granting Grayscale Bitcoin Trust (GBTC) the permission to convert to being an ETF in order to unlock the value of its Bitcoin holdings. At present, GBTC's holdings 648.070 Bitcoins are worth $23.4 Billion while GBTC has a total market capitalization of $17.1 Billion. It seems unfair that GBTC trades at a 27% discount to NAV. If GBTC were an ETF, that 27% discount would disappear which would benefit its shareholders enormously. Kind regards, Michael B. O'Higgins