May. 10, 2022
Dear SEC, I am Bryan McCloskey, a Licensed Professional Counselor from Connecticut, 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. You say you are here to protect investors, but I feel that you are stifling innovation and the future of technology advancement in the US. Please do not let us be the last to join the future of blockchain innovation. The fate of the US as the crypto hub of the world is at stake. Please get this approved ASAP. Let investors take on their own risks, we do not need to be hand-held. Thanks! Best and be well! Sincerely, Bryan McCloskey