Feb. 15, 2022
To whom it may concern, Please accept these comments as support for approval of a spot Bitcoin ETF as applied for by Grayscale. As an individual investor that holds GBTC I have seen the security trade at declining value levels relative to the NAV that the fund holds. I see greater harm in continuing to allow this type of investment vehicle to exist than having a spot Bitcoin ETF available on the market. Concerns about transparency and manipulation should not be a serious concern given the maturity of the Bitcoin market with a broad base of owners with an increasing level of institutional involvement. It is time for a spot Bitcoin ETF to be approved in the US and the Grayscale fund would be an excellent choice for the first given the size of assets under management as well as the unfair imbalance that exists with the fund as it is currently constituted. Thank you, Josh Ploude