May. 16, 2022
To Whom it May Concern, This letter is in support of GBTC converting to an ETF. I am a shareholder in favor of approving the Form 19b-4 that NYSE Arca filled with you to convert Grayscale Bitcoin Trust in Bitcoin Spot EFT. An inconsistency of approval has created an unlevel playing field for Bitcoin EFT without reasonable basis for different treatment. By not approving this conversion, you are not protecting me, the investor – the very person you were appointed to protect. After approving futures-backed Bitcoin ETFs last October, you continue to reject applications for spot Bitcoin ETFs. Investors use both vehicles to gain exposure to the same underlying asset, Bitcoin—from which both vehicles derive their prices. We, the investors, should be able to choose if we’d like direct or futures-based exposure to that asset. The discount to NAV in GBTC has been around 25% this year. The price of GBTC is less than the price of Bitcoin, the asset itself. Given that GBTC has about $30bn in AUM, shareholders like myeslf are experiencing a destruction of value exceeding $7 billion. Sincerely, Carla Fairey