May 28, 2022
Dear SEC, I am Alexander Adam and I live in Germany (Dresden). I am 42 years old and work within IT since 20 years. 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 follow the development of BTC and Blockchain Technology since 2017 and I risk adequately DCA into BTC. Based on my IT Background and Technology understanding, I personally consider BTC as Digital Property. I understand, that you as the SEC Focus on Investor Protection, but after more than 5 years of „ETF“ denial you are doing your Country a big disservice. Mr. Gensler himself indeed recognizes the existence of the BTC Network and its decentralized nature. Quote: „The Technology really exist“. I personal believe I have the right to participate in an Open Network to conduct Peer to Peer transaction that once recorded are irreversible to any changes and recognizable / proofable to everyone within the network. Therefore, the SEC should approve GBTC for conversion to an ETF and allow Investors a choice over which product best meets their personal investment needs. To do otherwise would be against the SEC’s core Mandate of protecting Investors. Personal Quote: “Make America Transparent again”. Sincerely, Alexander Adam