Apr. 24, 2022
Dear SEC, I am a North Carolina based GBTC shareholder. I write you today in support of the conversion of the Grayscale Bitcoin Trust to an ETF. I understand that the SEC has approved futures-backed Bitcoin ETFs last October but rejected applications for spot Bitcoin ETFs such as GBTC. I strongly encourage you to reconsider these rejections and help investors gain more avenues for exposure to Bitcoin. Futures vs direct based exposure is a decision an investor should be able to make based on their own needs rather than it decided externally. This choice maximizes the ability for investors to select the best ways for them to participate. A multitude of vehicles is not optional but rather required to help maintain strong, healthy and balanced markets. Based on my needs as a long term investor I chose GBTC to gain exposure to Bitcoin. Others investor felt that same resulting in the trust accumulating over $30 billion in assets. I expected that conversion to an ETF would soon come given the approval of futures backed vehicles conversion to ETF had occurred. The continued rejection of the GBTC conversion to an ETF has resulted it trading at a 25% discount to NAV. I strongly believe this continued rejection is primarily responsible for the destruction of over $7 ½ billion in value. I expect that an organization tasked with protecting investors such as myself would diligently find ways to correct this. Thank you for the opportunity to express my view and I gratefully look forward to your reconsideration. Robin Caron