May. 05, 2022
RE: Rel. No. 34-93504
Notice of Filing of Proposed Rule Change to List and Trade Shares of Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E
(November 2, 2021)
Ms. Vanessa Countryman
Secretary
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-0609
Dear Ms. Countryman,
Today, I write as a shareholder who is in favor or approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust (OTCQX:GBTC) into a Bitcoin Spot ETF.
GBTC is currently trading at a discount to its NAV, which means that the price of GTBC is less than the price of the physical asset, Bitcoin. One of the benefits of converting GBTC into an ETF is that it would allow for simultaneous creations and redemptions – a core feature of the ETF wrapper. This would cause shares currently trading at a discount to better reflect NAV, and protect the hundreds of thousands of investors currently holding GBTC while simplifying investor tax returns.
The SEC has approved other versions of Bitcoin ETF’s, but not Grayscale. This appears to tilt the playing field in favor of some Bitcoin investments versus others, and perhaps encouraging investors away from GBTC.
The SEC should approve GBTC for conversion to an ETF and allow investors a choice over which product best meets their individual investor needs. To do otherwise goes against the SEC’s core mission of protecting investors.
Gary Henderson
Marietta, GA