May. 16, 2022
Dear SEC, I am Eric Freeburg from CT 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. I believe that the United States is at risk of falling behind the curve when it comes to Bitcoin adoption. This would be a net negative for the citizens of this nation. I urge the regulators to approve a Spot BTC ETF so that Americans can flourish under the emergent Bitcoin Standard that is on its way to becoming a reality. Bitcoin fosters individual freedom and human flourishing, as such US beureaucrats have a responsibility to enact sensible regulation around its use. Thank you. Sincerely, Eric Freeburg ERIC FREEBURG