May 13, 2022
Pennsylvania resident here. Long time ETF investor(Vanguard). Bitcoin ETF properly regulated will allow millions of people to help secure their financial future. Bitcoin network is safe, secure, global and open to EVERYONE. GBTC is well established responsible company that wishes to offer an even better, safer product to it’s customers. Dear SEC, I am from PA USA 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. Sincerely, Robert