May. 10, 2022
To whom it may concern at SEC I am Zachary Barnard, Husband and Father, 39 from Lake Norman, North Carolina 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. I own well over 3,000 shares of GBTC and I hold additional GBTC in my children's college fund. I believe that the blockchain technology which Bitcoin has pioneered has already revolutionized many major areas of finance and information. I watched and took notes on every MIT class given by SEC Chair Gensler, 15.S12 Blockchain and Money, Fall 2018, all 23 videos and 29 hours, 15 minutes and 44seconds of it. He himself made the bold statement that "in [the] work I came to believe that though there was a lot of hype masquerading as reality in the crypto field, Nakamoto's innovation is real". "There is something real about the distributed ledger technology, moving value over the internet"... Please approve the GBTC spot ETF conversion application. Sincerely, Zachary Barnard