Jun. 16, 2022
I am resident of Texas and a shareholder of GBTC and I support your approval of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC), the world's largest publicly-traded cryptocurrency fund, into an ETF. The discount to NAV in GBTC has been around 25%, on average, this year. This means that the price of GBTC is far less than the price of the underlying Bitcoin asset. Due to this discount, investors like me have value that is essentially trapped. If the conversion is approved, the value of the BTC spot ETF should revert in relation to the spot price of Bitcoin. Furthermore, according to Grayscale, the management fees assessed by the Grayscale Bitcoin Trust should be reduced if the fund can be converted to a spot ETF. Your approval of the conversion of GBTC to a Spot Bitcoin ETF would allow investors like me, who want exposure to Bitcoin, rather than Bitcoin futures, to have a more price efficient and less expensive alternative. Thank you for your consideration. Thomas Banks