May 23, 2022
Dear SEC, I am David Enevoldsen from Montana 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. Thus far your agency has blocked each and every attempt to establish a Bitcoin spot ETF without providing a truly relevant and justifiable reason for so doing. This unreasonable bias appears based on personal disfavor and fear that cryptocurrencies may one day supersede the US dollar as the world’s reserve currency. This heavy handed and short sighted approach favors no one and will actually cost the US an untold amount of lost revenue unless and until the SEC gets out of the way of progress. It is well past the point where the cryptocurrency juggernaut can be denied or contained and these repeated attempts to do so only show that the SEC is yet another government agency more concerned with its own self interests and prejudices that it is in progress and innovation. This has to change! 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. This is both unnecessary and unfair. Sincerely, David Enevoldsen