May. 10, 2022
Dear SEC, I am a crypto investor from Gibsonia, Pennsylvania who has used centralized exchanges(such as COINBASE), decentralized exchanges(such as Uniswap) and publicly traded securities (such as GBTC and BITW) to buy and hold crypto based assets as part of a balanced investment portfolio. I have not traded Bitcoin futures or Futures based Bitcoin ETFs due to their increased volatility and increased cost. 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 P. Williams