Jun. 14, 2022
Dear SEC, I'm writing this email as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. By approving this conversion, you would be protecting me, the investor. Last fall, a futures-backed Bitcoin ETF was approved, but applications for spot Bitcoin ETFs continue to be rejected. Since investors use both vehicles to gain exposure to Bitcoin, we, as investors, should be able to choose if we’d like direct or futures-based exposure to that asset. Furthermore, the discount to NAV in GBTC has been around 25%, on average, this year. This means the price of GBTC is less than the price of Bitcoin. Given that GBTC has about $30bn in AUM, shareholders like me are experiencing a loss of value of around $7.5 billion. I’m writing from Indiana, with gratitude for the opportunity to express my perspective and with the hope that you will approve this conversion and protect the interest of investors. Sincerely, Michael P