May. 10, 2022
Dear SEC, My name is Zach Knickerbocker, and I'm a resident of Los Angeles, CA. I'm a 30 year old self employed software developer, and I am writing in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust (OTCQX: GBTC) into a Bitcoin Spot ETF. I have invested in GBTC numerous times over the past couple of years to gain exposure to Bitcoin (BTC) in brokerage accounts where I did not otherwise have access to directly purchase the underlying BTC property. Over the years, GBTC has consistently traded at an ever-increasing discount, this year reaching a peak 25% discount to its NAV. This means the price of GBTC is less than the price of its underlying assets, Bitcoin. The only alternatives available in some brokerage accounts, 401ks, IRAs, etc. are Canadian ETFs, futures ETFs, and other similarly lower-reputation/financialized products. GBTC's conversion to an ETF would represent a significant value unlock for myself (and many others who are invested) as a result of the discount to the underlying BTC trending down. It would also allow me to continue to invest my Bitcoin allocation in GBTC and other American products. Sincerely, Zach Knickerbocker Los Angeles, CA