May 31, 2022
Dear SEC, I am a a 63 year old individual investor from Texas, saving for my retirement. 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 don’t understand why the SEC would not approve a bitcoin SPOT ETF, especially in light of the fact that there is at least one bitcoin “FUTURES” ETF approved. I would like to have exposure to bitcoin in my portfolio without having to purchase and store bitcoin on my own (which is much more risky). Please approve the Form 19b-4 that NYSE Arca filed with you as soon as possible. Thank you for your consideration. Sincerely, Michael Quast Friendswood, TX