Apr. 28, 2022
Dear SEC, I am Carlo Colatosti 68 former Software engineer living in NYS 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. I have a signicant allocation of GBTC in my IRA and ROTH that I wish to pass on to my chlidren and grandchildren. I am being hurt by the lack of conversion to a Spot ETF due to fees and discount to NAV. I urge you to quickly convert the trust and help tens of thousand of investors like myself. 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. Sincerely, Carlo Colatosti