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. As it stands today, GBTC is trading at a discount to its Net Asset Value (NAV).* One of the effects of the conversion to an ETF is that it should cause shares to trade in line with NAV by effectively eliminating premiums and discounts, resulting in GBTC more efficiently tracking the price of Bitcoin. That means, if GBTC shares are trading at a discount, all else equal, shares should increase in value to NAV.** Conversely, if GBTC shares are trading at a premium, all else equal, shares should decrease in value to NAV.** Kind regards, T D Polychronis Holding GBTC in a Roth IRA