May. 09, 2022
Dear SEC, I am a 56yo semi-retired ex business owner and now a part time school bus driver from WA state. I have been investing since I was 18yo. I’ve had good investments and bad investments. The SEC had nothing to do with either bad nor good. More importantly, I have almost 1000 hours of study into bitcoin and I have never come across anything as important and as SAFE as bitcoin is long term. 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. Sincerely, Andrew Johnston