May. 10, 2022
Dear SEC, Simply put, the ban on a bitcoin etf is completely illogical given current environment. I understand in the past it may have made sense, but you are now slowing down innovation and US competitive advantage. A futures etf is already approved, and spot is much safer for investors. Please reevaluate. I am Stephen London from California 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. Sincerely, Stephen