Feb. 22, 2022
Hi, I am writing to express my strong support for the Grayscale’s application to convert its bitcoin trust fund (GBTC) to a spot price based ETF. The fact that GBTC is currently trading at a huge discount to its net asset value based on the bitcoin spot price is showing a big dislocation in the current market. As such, all current GBTC investors are unfairly punished. To protect the interest of all investors, I strongly believe that SEC should approve Grayscale’s application. In addition, to maintain the leadership position in the global financial market, SEC should quickly approve the bitcoin spot price based ETF, which is already available in overseas market such as Canada. The demand for such ETF in the US is extremely strong. To delay the approval of such fund, SEC is pushing investors to look for alternatives in investments in overseas market and endanger American leadership position in innovation. Thanks a lot for your attention. Regards, Larry Bi