May. 06, 2022
Dear SEC, As a long term GBTC shareholder, I would appreciate the conversion of Grayscale Bitcoin Trust to an ETF. By approving this conversion, the SEC will be protecting me, the investor. Last October the SEC approved futures-backed Bitcoin ETFs. Given that investors use futures and Bitcoin to gain exposure to the same underlying asset, Bitcoin—from which both vehicles derive their prices—we, as investors, would appreciate being able to choose direct or futures-based exposure to that asset. The discount to NAV in GBTC has been around 25%, on average, this year. As a current investor in GBTC this means that the price of GBTC is less than the price of Bitcoin, the asset GBTC is based upon, which means investors such as myself are experiencing a destruction of value. Regards, Chris Richter