May 7, 2022
Dear SEC, My name is [REDACTED], I live in [REDACTED], I teach tennis at a country club for a living, 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. Not allowing GBTC to convert to spot ETF is harmful to me and other investors already holding GBTC as it trades well below NAV. Moreover, investors like myself who wish to hold GBTC in a roth IRA for retirement at exposed to unncessary risk and lack of protection as GBTC trades below NAV. Moreover, by not allowing this conversation, you are in effect forcing the millions of investors who want access to bitcoin to buy it through less secure and more risky avenues. Lastly, not allowing this conversion puts the united states at a disadvantage as Canada and Australia and others are leading the way during this important technological development. The US needs to continue to lead the way in technology and not preventing this conversion and stalling on a spot ETF will led crypto companies to migrate and start in other countries. I simply want to hold 5-10 percent of my portfolio in GBTC without greater fear of it growing further from its NAV. Please protect my investments and do what is best for this country. Sincerely, Anonymous