May. 10, 2022
Dear SEC, My name is Harsh Patel and I am a full time data analyst for a marketing agency. I am 26 years old living in Massachusetts 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 public demand as well as institutional demand for Bitcoin has increased significantly in the past two years alone and the United States must remain a leader in the crypto space as Joe Biden executive order also mentioned. Approving a Spot Bitcoin ETF is the first step to greater adoption in the United States and will ensure that the United States remains a leader in this new kind of innovation. As a United Sates citizen myself, I would like to see our government defend ourselves in order for us to remain a global leader. 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, ***Harsh Patel ***