May. 14, 2022
Dear SEC, I am Bryan Allen, a urologist in Florida. 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. The discount and lack of regulatory clarity is destroying my retirement fund and bitcoin holdings. The same can be said of many of my friends and family. We are pleading, allow this conversion to help close the discount and reduce the fees. This space needs clarity and the US should LEAD. 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. Sincerely, Bryan Allen and Rosabelle Campos, Husband and Wife.