May. 10, 2022
Dear SEC, I am Mustafa Ozkan, a 37-year old structural engineer working in nuclear industry from PA 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. Please let me decide whatever I would like to do with my hard earned money. I believe in Bitcoin and decentralized economy. I am personally investing in GBTC in my traditional retirement account and I need you to protect me from Wall Street, not stop me investing in something that I spent many hours to understand including SEC chair, Gary Gensler’s MIT blockchain classes, yes all of them! 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, Mustafa Ozkan