Jun. 06, 2022
Dear SEC, I am Rich Rogers from Washington state 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. Bitcoin and cryptocurrencies are transforming global financial markets. It is important that the US compete and win in the digital asset arms race that is happening. Approving the Bitcoin Spot ETF is an important next step on this journey. Sincerely, Rich Rogers CEO Xemelgo, Inc