May. 11, 2022
Dear SEC, I am Kenneth Moresco, MD fIllinois nois 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. The digtal economy is the future. Bitcoin has been the pioneer in distributed ledger technology. Bitcoin has been incredibly resilient to market conditions and its adoption continues to grow worldwide. GBTC has flourished alongside BTC. American have the right to access a BTC backed ETF. The EU, Canada and now Australia have approved of BTC backed ETF's. The SEC has allowed approval of futures backed BTC ETFs. This, despite the fact fETFs have only added to price volatility and crypto speculation. Don't let America fall behind in this technology innovation Sincerely, Kenneth Moresco, MD