May. 06, 2022
Hello SEC, I'm writing to you from the great state of Texas in the hopes that you will consider the many petitions requesting your approval of converting the Grayscale Bitcoin Trust into an ETF. It makes no sense that there is a Futures based ETF - several in fact-- By not approving this conversion, you are not protecting me, the investor – the very person you were appointed to protect. Last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. Investors use both vehicles to gain exposure to the same underlying asset, Bitcoin, and we, as investors, should be able to choose if we’d like direct or futures-based exposure to that asset. Also, the discount to NAV in GBTC has been around 25%, on average, this year. This means that the price of GBTC is less than the price of Bitcoin, the asset itself. Given that GBTC has about $30bn in AUM, existing shareholders like me are experiencing a destruction of value of around $7.5 billion. So instead of protecting me, I am actually being harmed. GBTC is the world’s largest publicly-traded cryptocurrency fund, with hundreds of millions in daily trading volume. It holds approximately 3.4% of all Bitcoins outstanding, and is held by more than 850,000 investors, like me. It is a trusted firm and should be allowed to convert the holdings to an ETF. Thank you! Marcia Kasson Sender notified by Mailtrack 05/06/22, 09:30:43 AM