May 28, 2022
Dear SEC, I am a self-employed professional from Pennsylvania and I am in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust into a Bitcoin Spot ETF. Currently GBTC trades at more than a 25% discount to its NAV, and when I bought shares I paid a premium as it was the only way to invest in Bitcoin in an IRA. Since that time other countries allowed Bitcoin ETFs and USA allowed a futures based ETF, and as these products became available the GBTC price dropped meaningfully relative to the spot price of its holdings. I believe this unfair disadvantage was directly related to recent decisions by the SEC, and allowing GBTC to convert to an ETF is the fair thing to do. Quoting another letter writer: “They may go to $0, but I'd at least like GBTC to go in parallel with BTC and not long before it.” Sincerely, MC