February 22, 2022
I request approval of the conversion of GBTC to a bitcoin spot ETF.
1. I own over 17,000 shares of GBTC in a variety of retirement accounts and would like to see the shares reflect the actual value of the bitcoin held by GBTC, rather than the around 25% discount to NAV which currently exists. It has to be better for the market as a whole if investor holdings of bitcoin held on their behalf (3.39% of all bitcoin) are properly valued, rather than having a substantial discount (or premium) to NAV value.
2. I am 61 years old and am reluctant to handle my own private keys - and would prefer to have bitcoin held on my behalf with the private keys managed by a third party. To many bitcoin are lost every year due to individual investor mistakes, losing or forgetting their keys and/or password. I would prefer not to deal with those issues.
3. Finally, it is my understanding that the management fees going forward might be reduced from 2% to 1%, which if correct, would cut my fund management fees in half (what's not to like about that?).
To conclude - I would very much like to see GBTC converted to a bitcoin spot ETF and hope the commission does so as soon as possible.
Thanks for considering my comment.
Rick Arrett