May. 12, 2022
Dear SEC, I am Eric Adcox, a 35 year old Nurse Anesthetist with 2 young children and a baby boy due next month. I reside in Florida, 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. As Canada, Brazil, and Australia have already been approved for a spot ETF, Americans deserve the same. Thank you for all you do. Sincerely, Eric Adcox