Jun. 06, 2022
Dear SEC, My name is Doug Steele. I’m a 57 year old Manufacturing Engineer residing in Oregon and I am in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust (OTCQX: GBTC) into a Bitcoin Spot ETF. GBTC is a great way to invest in Crypto but the discount is KILLING ME, not to mention inflation and my rapidly deflating 401K! 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. Sincerely, Doug Steele