May. 06, 2022
Hi, Considering it is the Security & Exchange Commission's mission to protect investors, maintain fair, orderly, and efficient markets, it is imperative that the Grayscale Bitcoin Trust be converted to an exchange traded fund (ETF). Grayscale is the largest public holder of Bitcoin and has been trading at a discount to NAV. It is not fair and does not protect investors to have our investment (Bitcoin) trade at a discount, when the mere conversion to an ETF immediately brings its value to par with the value of its underlying asset. As investors we know the risk we take when investing in assets. We just want it to be fair and efficient. Converting GBTC to an ETF would be fair and bring its value at par with the underlying Bitcoin, and will make GBTC trading more efficient and orderly. That is the SEC's mission. So, the continued delays have been puzzling. Let's get this done! Best, Gaurav Singh