May. 05, 2022
Dear SEC, I am Adam Beiter,36, a construction worker, cook, and crypto/stock investor. I am from Florida 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. 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. It’s 2022, not 1940. The majority of us have supercomputers in our pockets that are smarter and more efficient than you will ever be. Stop stifling innovation. We have more free time and information than ever before, we can think for ourselves and it’s clear to see we’re in the right. Sincerely, Adam Beiter