May 24, 2022
Dear SEC, I am Bill Scaggs (41) Director for a Large FinTech firm HQ’d in the US. It’s my personal opinion that you should approve 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. Most of these are held in IRAs and would help out those recently effected by the stock market’s steep decline. Please approve this and help average Americans unlock this value for their potential retirements. Sincerely, Bill Scaggs