May. 11, 2022
Dear SEC, I am Andrew Parrillo and live in New Hampshire. I began investing in Grayscale Bitcoin Trust in my IRA rollover account in 2017 when bitcoin was approximately $1,000, as it was the only way to participate in bitcoin in my IRA. 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 asset, Bitcoin. With approximately $30 billion in AUM, that results in approximately $7.5 billion of trapped value from existing U.S. investors. Sincerely, Andrew D. Parrillo