Jun. 03, 2022
Dear SEC, I am Erich Reimer from the Commonwealth of Virginia 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. GBTC trading as a closed fund on the OTC markets rather than as a ETF means investors have less transparency, access, and reliability in regards to the security than if it were an ETF and also able to be on regular exchanges. There is no reason why GBTC, as a fund for an asset with as large a market capitalization as Bitcoin, as transparent a functional process as Bitcoin, and with as many institutions building networks around the asset as Bitcoin, should remain as restricted as it has been for so many years lately. Like many assets, cryptocurrency is volatile. Bitcoin remains the most prominent, largest, and durable cryptocurrency, as it has shown throughout now over a decade of existence. GBTC could be the beginning of critical investor access to this increasingly prevalent and now-mainstream asset class. Sincerely, Erich D. Reimer Richmond, Virginia