Jun. 17, 2022
Dear SEC, My name is Andrew Wertheim from Florida 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 bitcoin 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. My question to you is, how is what you’re doing “fair” or “protecting retail investors”? Why can retail engage in naked options contracts and wind up severely in debt but they can’t purchase a Bitcoin ETF in the United States? Grayscale has complied with all requests/requirements and the market has proven it’s mature enough to establish an underlying spot price of record. How is what you’re doing "protecting consumers”? You allow a Bitcoin Futures ETF but not a spot ETF??? This makes no sense! I originally invested in the Grayscale GBTC product because options for investing in Bitcoin through my retirement accounts were limited, and mostly non-existent. GBTC was the next best option, but because it is not allowed to convert to an ETF (for reasons that no one can clearly understand), investors have seen their positions fall to a now 34% discount to NAV. This is DETRIMENTAL to many people’ retirement accounts, since this is why many of us invested in GBTC in the first place. I’m very concerned that what you are doing is the opposite of protection and in many ways, actually harmful to retail investors. PLEASE, I ASK YOU TO APPROVE the Grayscale ETF application and make things right for all parties involved. Sincerely, Andrew Wertheim