May. 09, 2022
Dearest SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC). Rule 144 loophole led to a crowding of the Grayscale trust trade by accredited investors in the early stages of existence. This crowding of the trade led to the trust trading at a significant premium, which triggered a massive sell-off following the lockup period. The investors stuck "holding the bag" were retail accounts. If GBTC was an ETF, this premium never would have existed in the first place. The SEC's laissez-faire attitude is to the advantage of large institutions. I’m writing from Arizona, with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of all investors. Sincerely, Hayden Anderson, CFA®