May. 06, 2022
Convert GBTC to an ETF Dear SEC, I write to you as a GBTC shareholder to support Grayscale Bitcoin Trust (OTCQX: GBTC) into an ETF. By not approving this conversion, you are not protecting me, the investor. Futures-backed Bitcoin ETFs are insufficient. We, as investors, should be able to choose if we’d like direct or futures-based exposure to that asset. The discount to NAV in GBTC has been around 25%. This means that the price of GBTC is less than the price of Bitcoin, the asset itself. This is totally unfair and uncompetitive for regular investors. I’m writing from Green Bay, WI. Please approve this conversion and protect the interest of investors. Sincerely, Eugene Schubert