Jun. 20, 2022
Dear SEC, I am Sasan Banava, Senior Director of Globalization at Block, 46 years old from CA 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. 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. Multiple countries already have BTC ETF which supports the financial empowerment of people and gives more freedom of choice when it comes to investment opportunities. Thanks for your consideration. Sincerely, Sasan Banava