Jun. 08, 2022
Dear SEC, I am a practicing Solicitor based in the U.K from 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 view the U.S as a leader of the free world. However danger lurks in the east, with Russia and China. Authoritarianism is on the rise. Currencies are under pressure. To preserve the free world, we need to embrace changes including how we store our value. I value Bitcoin as the best store of value. It has inherent risks particularly when it comes to self storage. A spot Etf is therefore much needed! Sincerely, Safwan Ahmed (Solicitor)