May. 09, 2022
Dear SEC, I am Robert S Reed a self employed CPA, age 66 residing in Rhode Island. 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. 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. I have been a long time investor in crypto currencies and believe the bitcoin technology in particular has enough history to allow it to be bundled into an SEC approved ETF product. I am comfortable with the risks that such investments may create but have found no investment is guaranteed even stocks on major stock exchanges. Sincerely, Robert S Reed