May. 11, 2022
Dear SEC, I am John Guancione from South Carolina 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. This is long overdue and needs to be approved. It will allow the U.S. to be the leader in the most important financial creation of our lifetimes. Bitcoin is here to stay and will flourish with the proper guidance and regulation from the SEC through the establishment of a spot ETF. Sincerely, John Guancione Daniel Island, SC