May 27, 2022
Dear SEC, I am Patricia Sanchirico, retired (Age 69 years) from the state of New Jersey.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. If a Bitcoin Futures ETF was approved then the same should hold true for a Spot Bitcoin ETF. If there is the potential for “Fraud and Manipulation” for one then there is the potential for both. Any security has the potential for “Fraud and Manipulation” which has been proven over time. 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. By rejecting this Spot ETF spplication it is somewhat of a manipulation. Sincerely, Patricia Sanchirico