Jun. 06, 2022
Dear SEC, I am Jeff Moy, a senior process specialist at Honeywell from Illinois 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. I believe in diversification into the digital asset class such as Bitcoin to help secure my future retirement. And I believe the best way to own Bitcoin is through a spot ETF. Owning Bitcoin directly is too cumbersome and involves taking direct custody of the tokens. Owning Bitcoin on an exchange would preclude me from holding it in a retirement account like a 401k. Owning a Bitcoin trust has shown that it is not equivalent to owning Bitcoin directly, as can be seen with the current 25% discount to NAV of GBTC. And the Bitcoin futures ETFs are not designed for long term holding in something like a retirement account. I truly believe a Bitcoin spot ETF is necessary to allow the American public including myself to properly diversify into this burgeoning asset class safely. I urge you to hear the comments from the hundreds of thousands of investors who want to invest in a spot Bitcoin ETF and quickly approve the GBTC conversion to a spot ETF. Sincerely, Jeff Moy