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. Bitcoin as an asset class has undoubtedly become too big to ignore. As an investor, holding Bitcoin must face various uncertainties and risks in the crypto market. The brutal crypto market is as wild as the Wild West, with little protection for retail investors. Investor protection is the job of the SEC, and the SEC must do everything in its power to protect Bitcoin investors. There is no doubt that Grayscale is currently the regulated financial institution that manages the most Bitcoin. Converting GBTC to an ETF fully complies with the regulatory framework while also protecting investors. Sincerely, CHANG LU