May. 10, 2022
Dear SEC, I am an investor in GBTC from Missouri 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. Please get out of the way and let the inevitable happen. If you don't, eventually more people will just start buying crypto directly and go around you, making you inconsequential and showing your lack of usefulness as an institution. Currently you are simply protecting the wealthy with the futures ETF. We all see it. Sincerely, Curtis