May 19, 2022
Dear SEC, I am 61 year old investor from Virginia 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. As of yesterday GBTC trades at over 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 over $8 billion of trapped value from existing U.S. investors. I hope you will look into this issue and favor allowing Grayscale to issue a ETF that will allow the market to work as it should, tied to the underlying asset. Sincerely, Gary Glotz