May 14, 2022
Dear SEC, I am John Macikowski 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 investor positions. Additionally, Investor interest in legitimate and safe (cold storage trust) bitcoin ETF is high, and an ETF would make it easier to invest for everyone. GBTC is the largest publicly traded digital asset fund and is safe (bitcoins in cold storage), unlike many trading platforms out there. A GBTC ETF conversion will reduce the unfair and unequal discounts and premiums that retail investors have to pay to invest in Bitcoin via traditional brokerages. Grayscale has voluntarily worked together with the SEC for years to enhance disclosures for the benefit of investors. The SEC is discriminating against issuers AND retail investors by approving much more risky Bitcoin Futures ETFs and denying Spot Bitcoin ETFs holding actual Bitcoin. Many other financially savvy countries are providing Bitcoin (and other digital asset) exchange-traded products for their investors. Many of which are inferior investment vehicles to GBTC. Sincerely, John Macikowski Director, Clinical Practice Solutions John Macikowski Clinical Practice Solutions Inc A HealthCare Solutions Provider Dragon Medical & eClinicalWorks www.SpeechDrivenEMR .com