May. 10, 2022
Dear SEC, I am Michael Jacoutot from Georgia 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 am an America-first citizen, but understand the plight of the world’s citizens (as best one can sitting in the USA), and I genuinely believe this will be a net positive for all involved. Over time, it could return America to it’s roots and pave the way for individuals to keep up with HNWI in terms of purchasing power. This conversion would allow new entrants in the workforce to choose jobs that are more aligned to their interests, instead of taking the highest paying one. This deferral of gratification concept is much needed as Boomers leave the workforce and begin to enter the fixed income aspect of retirement. Allowing access via 401K and others, would keep everyone in “good shape” as they ride this powerful asset class. Sincerely, Michael Jacoutot