May. 05, 2022
Dear SEC, I am Conor Hentges from Minnesota 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. I believe there should be a spot ETF because there would be such clarity if the ETF just simply owned the BTC directly. The fact that it trades at a discount or a premium makes things more difficult and more confusing for the general public. Wouldn’t it be easier for the investor to view the investment through a clear lens? As an investor I’m much more comfortable with an ETF and understand how they operate. That familiarity would resonate with many investment professionals and general public. Protect the investor and make the GBTC a spot traded 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. Sincerely, Conor Hentges