May. 17, 2022
To Whom It May Concern, I write as a shareholder of the Grayscale Bitcoin Investment Trust (GBTC). I am in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert the Trust into a Bitcoin Spot ETF. GBTC is currently trading at a SEVERE discount to its NAV, harming investors like myself who purchased GBTC shares at or above NAV. Converting GBTC to an ETF would eliminate this problem, benefitting investors and harming nobody. Denying Grayscale's ETF conversion application would do nothing but harm investors, directly contradicting the SEC's mission. Particularly in view of SEC's approval of several futures-based Bitcoin ETFs, which are unquestionably suboptimal for investors than spot ETFs, it seems abundantly clear that a denial of Grayscale's ETF conversion would be arbitrary and capricious in violation of the Administrative Procedure Act. Do the right thing. Allow GBTC to become an ETF. Sincerely, MP