May. 07, 2022
Dear SEC, I request your support to allow the conversion of the Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. The discount to NAV in GBTC has been around 25%, on average, this year. This means that the price of GBTC is less than the price of Bitcoin, the asset itself. Given that GBTC has about $30bn in AUM, shareholders like me are experiencing a destruction of value of around $7.5 billion. I’m writing from WA state, with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of investors. Best Regards, Robert Bryan Burt