May. 10, 2022
Dear SEC, I am Vincent Bataoel, a 40 year old small business owner and investor from Virginia 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. I invest in $GBTC to gain exposure to Bitcoin through my IRA. I support the conversion to ETF so that it trades closer to its NAV and I can realize the full upside of my investment. Sincerely, -- Vincent Bataoel LEED AP CO FOUNDER