May. 06, 2022
Dear SEC, I am writing you as a GBTC shareholder to express my support of the conversion of Grayscale Bitcoin Trust (GBTC) to an ETF. As an investor who has followed the Bitcoin space for a number of years, and which has directly informed my investing in it, I was delighted last October when you approved ‘futures-based’ Bitcoin ETF’s. However, you continue to reject applications for spot Bitcoin ETF’s, and this action on your part if frankly forcing investor/consumers to make a choice between direct or futures-based exposure to this asset, which is wrong. Further, the discount to NAV in GBTC has been hovering between 25-35% on average the past year, which has resulted in a massive destruction in wealth for me, and I’m sure millions of other innocent consumers. I’m writing from my home in Massachusetts with gratitude for the right to express my opinion – and hope that you will approve this conversion which protects the interests of investors … people who you are swarn by duty to protect. Thank you. Regards, Thomas Gaffny Tom Gaffny Consulting