May. 06, 2022
Dear Sir or Madam, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. The discount to NAV of GBTC has averaged 25% recently. This discount hurts investors, rather than protects them. A spot ETF conversion would permit a convergence between the market price and NAV. With the advent of institutional-grade custody as well as deep liquidity provided by arbitrageurs in the underlying asset, sufficient investor protections abound for approval of a Bitcoin spot ETF. Your peer regulators in Europe, Australia and Canada have recognized these elements of a maturing market, and have approved spot ETFs for their domestic investors. We recognize your sincere efforts to protect investors, and hope you appreciate that American residents deserve the same opportunities and choice as those of other countries which enjoy significant investor protections. I’m writing from California, with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of investors. Sincerely, SA