May. 11, 2022
Dear SEC director, As a private investor from Illinois I write to you to support Grayscale's effort to convert the GBTC trust fund into an 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. Xiaoyan Hubeny