May. 10, 2022
Dear SEC, My name is Peter Vigeant. I am a 34 year-old liquor salesperson from Rhode Island, 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. I initially invested in GBTC in the Spring of 2021. I plan to hold this asset for the long-term. However, I feel that the Futures ETFs for Bitcoin has had a negative impact on the spot price of BTC, hurting many people. It is unfair to have Futures impacting the Bitcoin market with no spot ETF. Please strongly consider converting GBTC to a Bitcoin spot ETF. If you want a fair and true market, this should be done! Thank you. Sincerely, Peter Vigeant