May 31, 2022
Dear SEC, I am Glenn Brandon from California and 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. Why are futures allowed to be traded and not the actual straight correlated asset to be traded as a safe way through a regulated brokerage account. It would be safer for most people to trade and hold Bitcoin through an ETF then through a crypto based wallet. As well, it would be much easier to track for tax reporting purposes. Sincerely, Glenn Brandon