May. 10, 2022
Dear SEC, I am an engineer in my early thirties from Colorado 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. Saving for the future has proven to be difficult due to constant manipulation in the money supply from the Federal Reserve and US Treasury. I would like the option to use a currency that plays by consistent rules. Part of that option would be to invest in a spot Bitcoin vehicle so I can gain real exposure in my retirement accounts to Bitcoin without incurring an immediate penalty for liquidating 401k savings and brokerage savings. 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, Rylan