May. 05, 2022
Dear SEC, I am a father of 4 (soon to be 5) young children. We are individual investors, and we are simply trying to create value for our family by building some long term growth in our portfolio of savings and retirement funds. We are from Texas and I am in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust (OTCQX: GBTC) – the world’s largest publicly traded crypto asset fund, with approximately $30 billion in AUM, hundreds of millions in daily trading volume, more than 850,000 investors, holding approximately 3.4% of all Bitcoins outstanding – into a Bitcoin Spot ETF. This year, GBTC has traded at an approximately 25% discount to its NAV, which means the price of GBTC is less than the price of its underlying assets, Bitcoin. With approximately $30 billion in AUM, that results in approximately $7.5 billion of trapped value from existing U.S. investors. Please do the right thing for all investors including small families like ours. Thank you. Sincerely, Trevor Meding