May. 10, 2022
Dear SEC, I am John Gilliam, an attorney, husband and father, from Michigan 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. The value of my GBTC has further decreased to NAV since the SEC approved a Bitcoin futures ETF, which doesn’t make much sense to me considering GBTC actually is linked to Bitcoin possessed by Grayscale. Please convert this to a spot ETF so the United States reestablishes itself as a leader in finance and innovation. We are already behind Canada in this regard. Sincerely, John Gilliam