Subject: All that GBTC drama
From: Daniel Miller
Affiliation:

Jun. 25, 2022

SEC, 


I understand that the SEC likely won't be approving an ETF conversion for GBTC. I also understand the reasons for the rejection, and I don't entirely disagree with them. They're sensible, and I'm glad you're doing your best to protect American investors. 



Unfortunately, many relatively unsophisticated retail investors are nonetheless investing in GBTC. And these retail investors are increasingly hurt by the inability to redeem GBTC shares for bitcoin. As of the time of this writing, GBTC is trading at a 29% discount compared to the underlying spot price of bitcoin.  


Please consider allowing some redemption mechanism for GBTC, or at least addressing the discount-to-NAV situation for these retail investors. 


Disclaimer: I own a position in GBTC in a majority-American-stock portfolio, and I will benefit if a redemption mechanism is allowed. I purchased this position understanding that a redemption mechanism may never arrive. 


Thank you, 
Daniel Miller