May. 10, 2022
Dear SEC, I am a proud American from Nevada named Joshua Wahrer, and I am in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust GBTC into a Bitcoin Spot ETF. Up tell this point the SEC has withheld a spot ETF and the SEC has caused irreparable harm to US based investors. The extraordinary claim of ‘market manipulation’ requires extraordinary evidence. I have found myself disappointed in our regulatory agencies attempts to attack free market innovation in the name of protectionist policies. 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. The paradisial nature of forcing US based investors to take a loss in the name ‘protecting’ us is a laughable claim; now please move out of the way of the markets choices that you are openly hindering. Sincerely, Joshua Wahrer