May. 06, 2022
Dear Ms. Countryman, Today I write as a shareholder wh9o is in favor of approving the form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust into a Bitcoin Spot ETF. GBTC is currently trading at a discount to its NAV, which means the price of GBTC is less than the price of the physical asset, Bitcoin. One of the benefits of converting GBTC into an ETF is it would allow for simultaneous creations and redemptions - a core feature of the ETF wrapper. This would cause shares trading at a discount to better reflect NAV, and thus protect the hundreds of thousands of investors currently holding GBTC. The SEC should approve GBTC for conversion to an ETF and allow investors a choice over which product best meets their investment needs. To do otherwise would go against the SEC's core mission of protecting investors. Respectfully, Mark Conlon