Jun. 18, 2022
Dear SEC, I am John Day, a 55 year-old cardiologist from Salt Lake City, Utah. I am not tech savvy enough to self-custody Bitcoin. Instead, I have relied on Microstrategy (MSTR), Celsius, and the Grayscale GBTC product to hold my Bitcoin. Sadly, Microstrategy has counter-party risk, my account is frozen at Celsius, and I have lost great sums of money with the discount associated with the GBTC product. I need a safe, spot Bitcoin ETF with no counter-party risk that trades at spot Bitcoin prices. 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. Sincerely, John D. Day, MD Salt Lake City, Utah