May. 10, 2022
Dear SEC, I am David Kaye from Mount Dora, Florida 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. While I find the job of the SEC admirable, I think the government protecting me from my own investment decisions while at the same time allowing me to piss it all away at a casino in Vegas is ridiculous. I should be able to spend or invest my money as I see fit, and investing in a spot bitcoin ETF would be safer than directly investing in bitcoin and managing my own wallet. Thanks for your consideration. Sincerely, David Kaye