Jun. 17, 2022
Dear SEC, I am a 62 year old scientist from North Carolina, 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. Currently, GBTC is trading at a more than 30% discount to its NAV, which means the price of GBTC is significantly less than the price of its underlying assets, Bitcoin. With approximately $30 billion in AUM, that results in almost $10 billion of trapped value from existing U.S. investors. As a GBTC shareholder, I strongly support conversion of the GBTC fund to a Bitcoin Spot ETF. Sincerely, Daniel Kenan