May. 10, 2022
Dear SEC, I am Jeff Ota, a 50-year-old engineer from California, 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 have been a GBTC customer though my financial planner, Ameriprise, for the past year, and I would like to make sure that the allocation that we have decided to make to Bitcoin is equivalent to the actual value of Bitcoin that a spot ETF would provide. Sincerely, Jeff Ota