May. 06, 2022
Dear SEC, I am writing this message to you as a GBTC shareholder and a Bitcoin holder regarding the conversion of Grayscale Bitcoin Trust (GBTC) to bitcoin spot ETF. I understand SEC is trying to protect investors by doing due diligence. Still, not allowing the conversion to spot ETF hurts investors of GBTC and results in value distortion. The spot ETF conversion will allow better price tracking of the underlying asset, in this case, Bitcoin, thus eliminating the discount that GBTC is currently trading compared to the price of Bitcoin. As a result, spot ETF will serve as a better proxy, provide access to many investors for Bitcoin investment, and increase the market's liquidity. Thank you for providing the opportunity to give feedback/comment in this regard. Sincerely, Ashish Vijaywargiya (From New Jersey)