Jun. 07, 2022
Dear SEC, My name is Zach Schaefer and I am a 39-year old business owner, father/husband, and accredited investor from Missouri. 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 invested in this asset (GBTC) several years ago and would appreciate you enabling other Americans, specifically non-accredited investors and larger institutions, to do so more safely (and legally) by allowing Grayscale to convert their trust to an ETF. I do not feel your current policy is logical or feel that it is protecting average investors. In fact, it seems to be discriminating against the very people your organization's mission aims to protect. 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, Zachary A. Schaefer