May. 19, 2022
To the SEC: I am Stephen Earll, retired, 72, from New Mexico. 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. At my age, it’s very important to have the Grayscale spot ETF put in place. Withholding implementation of the spot ETF does harm to older investors, therefore, seemingly unfair and unequal. Please approve the requested BTC spot ETF. Sincerely, Stephen Earll