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. Please accept Grayscale's application to convert GBTC to an ETF. Cryptocurrency is now an institutional asset-class. Ordinary retail investors should have the ability to purchase an ETF based on the underlying, instead of based on the futures contracts that have an inherent negative carry. Rejecting this application would be a great disservice to the individual retail investor. Thank you. Best, Mike Brothers (Texas resident)