May 14, 2022
Dear SEC, I am Jepson West from Washington State 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. It is my opinion that by not approving a spot Bitcoin ETF you're doing a disservice to me as an investor. I implore you to approve the conversion of the Grayscale Bitcoin Trust into a Bitcoin Spot ETF to provide myself and other investors a safe option to invest in Bitcoin with direct exposure to the asset. Sincerely, Jepson West