May. 10, 2022
Dear SEC, I am Martin Albrecht, a 43 years old, banker, investor and trader from Bethesda, Maryland 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. Bitcoin is one of the most unique inventions in a very long time and I firmly believe that the benefits of Bitcoin should be made available to the largest possible number of people around the world. A spot ETF is an important instrument for people to gain exposure to Bitcoin as part of their investment portfolio, for trading purposes or retirement accounts. It allows institutions to adopt it and continue to innovate around the bitcoin ecosystem, to generate future value, economic productivity and allow for increased personal wealth and prosperity. Sincerely, Martin B. Albrecht