May 12, 2022
Dear SEC, I am James A. Koch, real estate professional for 32 years located in California. I am strongly 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, 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. This must be rectified ASAP. With approximately $30 billion in AUM, that results in approximately $7.5 billion of trapped value from existing U.S. investors. Please have consideration for the investor …..thank you. Sincerely, Jim-