Jun. 21, 2022
Dear SEC, My name is Andrew Landram and I am a 31-year-old investment analyst from Austin, Texas. 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. As one of the trust's investors and planned long-term holder it is structurally unfair and borderline corrupt that both Bitcoin futures funds and Bitcoin short funds have been given the approval to form and attract capital while those who invest in the base asset have their performance materially handicapped by rulings that don't protect the investor but hurt them. I do not pretend to understand the organization's intentions to-date but your actions are penalizing long-term investors who have real skin in the game and are investing to create wealth and security for their future and their families, especially members of society from younger generations. This year, GBTC has traded at an approximately 25% discount to its NAV and that discount has now increased to over 30% during this period of macroeconomic volatility 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 $9/0 billion of trapped value from existing U.S. investors. Serve your intended purpose. Do the right thing. Sincerely, Andrew Landram