May. 10, 2022
Dear SEC, I am Robert Barrett from Texas 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 SEC knows next to nothing about investing, hence your performance during Madoff. Not to mention naked short-selling, but you folks don’t care about that, your lawyers! You just want to keep the current corrupt system and get a nice job in industry after your time at the SEC. How about doing something that actually helps investors before you leave the SEC? Your record of protecting investors sucks so far, so let’s try something different. Go against your banker bosses. Approve a 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, Robert