May. 10, 2022
Dear SEC, My name is Quinn Vollmert. I run a family office in the state of Florida that manages over $250M in capital from several HNW individuals and their loved ones. 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. For my clients specifically, they are very eager to gain exposure in a regulated ETF that accurately reflects BTC's market price. The normal solutions like the futures ETF are cumbersome and illiquid, and the option to custody spot BTC myself on behalf of my clients is not something they are comfortable with. Sincerely, Quinn Vollmert