May 14, 2022
Dear SEC, I, Alana Lake, am writing to express my support in approving the conversion of 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. From what I understand, this year, GBTC has traded at a 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. Converting to an ETF should bring the price closer to the NAV. So, by not approving this conversion, you are not protecting the investor - the persons you were appointed to protect. Lastly I would like to express my gratitude for the opportunity to share my views and I hope that you will approve this conversion and protect the interest of investors. Yours Sincerely, Alana Lake