May. 06, 2022
Dear SEC, I am writing this to ask you to consider approving GBTC’s proposal to convert to an ETF. Bitcoin is now a mainstream investment vehicle used by many institutions and investors. There are some absurd ETF’s that have gained approval that should have been much more controversial than the Grayscale Bitcoin Trust application. We have tripled levered ETF’s tied to volatility and inverse stock etf’s based on single money manager recommendations. You guys have clearly let the market decide about these products but for whatever reason you will not grant ETF conversion status to GBTC which has approximately $25,000,000,000 in investments. That has to be the largest amount of money being managed in the US that does not have any kind of major listing status and is trading at a value that has nothing to do with intrinsic value of underlying assets. In my opinion this has to change and GBTC should be granted ETF conversion approval. Perry Sendukas