May. 14, 2022
Dear SEC, I am a retired software engineer and GBTC shareholder 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) into a Bitcoin Spot ETF. As I write this letter to you on May 13, GBTC is trading at an approximately 30% 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 $9 billion of trapped value from existing U.S. investors. Bitcoin is an incredible and important innovation — possibly one of the most significant in human history. I believe it is essential that all Americans are able to easily acquire and hold Bitcoin, either directly or through a simple and straightforward proxy like a Spot ETF that anyone can understand. The previously approved futures based Bitcoin ETFs are not that product. I think Grayscale has proven themselves a responsible custodian and capable of meeting any reasonable requirements for transparency and governance that you deem necessary to adequately protect investors like myself. Thank you for your time and consideration. Regards, Chad Freeman