Feb. 22, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. I believe in Bitcoin as a tool to help preserve my future buying power and a way to diversify my investments for retirement. I thought that the best way to do that beyond holding physical Bitcoin was to have exposure the GBTC fund. However due to the limitations of how the fund can operate such as by reducing shares, the fund has underperformed the asset by over 25%. I don’t feel that I am being protected as an investor when I already know the historical volatility and when there are already several Bitcoin ETFs approved around the world that I don’t have access to. Thank you for your time. Sincerely, William Buice North Carolina