May. 05, 2022
Dear SEC, I am a disabled purple heart veteran from Washington State and 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. The above is grayscales pre-canned msg but in my own words I’m buying GBTC for my retirement account which is red (over last 3 years) I just started investing because I have never had a 401k and I’m over 40 years old. I have purchased QQQ which has lost more money than BTC. SPACS I bought have lost more than BTC. If it wasn’t for the GBTC discount, I wouldn’t be losing money. Instead because of the lack of approval and the mgt fee I’m slowly bleeding my retirement away along with my kid’s college funds that I bought GBTC for. I’m not going all in on any asset including BTC. 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. Sincerely, Ryan