Jun. 06, 2022
Dear SEC, I am an investor in GBTC. I am a retired teacher and 68 years old 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. I studied cryptocurrencies for about half a year before I invested in GBTC. Because most of my savings are in retirement accounts and I want the simplicity of a single login and also exposure to Bitcoin (BTC), It is necessary to use GBTC. However, I would love to own an ETF instead of a trust. Lower fees. Net asset value is not at a discount/premium. Price clarity. I hope you will find a way to approve a bitcoin ETF and allow Grayscale to convert 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 asset, Bitcoin. With approximately $30 billion in AUM, that results in approximately $7.5 billion of trapped value from existing U.S. investors. Sincerely, Brian Skeel