May. 06, 2022
Dear SEC, My name is Hunter Grant. I am a first-generation American, son of an Immigrant, and passionate believer in the American Dream. After a years of service as a helicopter crew chief, two tours overseas, and having my leadership skills tested under dynamic conditions, I have been selected to Commission as an Officer in the United States Army and will be receiving a national academic full-ride this Fall. Today, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) — the world’s largest publicly-traded cryptocurrency fund — to an ETF. To whomever is reading this, and the SEC Team, is well aware of the many, many, many emails talking about how the Futures Backed ETF is non-related to a Spot-ETF. I wish to come from a different tone & urge you strongly to re-consider your position. A Spot-ETF allows many people like myself to have access to a new market of investments for retirement and the opportunity to provide learning experiences: Teachers, Family Funds, Treasury Dept's, Firefighters, Mothers, Fathers — all working class people who do not have the time, nor the care, to write against the complexity of investing into an OTC/Futures-Backed ETF's. 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, shareholders like me are experiencing a destruction of value of around $7.5 billion. I’m writing from Seattle, WA as a resident of Las Vegas, NV. I extend my greatest gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of investors with this democratic process. Sincerely, Hunter Grant Sergeant, U.S. Army