Feb. 22, 2022
Dear SEC, I’m writing with regard to the proposal before you to convert the GBTC Bitcoin Trust to an ETF. GBTC has consistently traded well below net asset value which is extremely frustrating for long term owners of the Trust. As GBTC does not generate cash, it can not even buy back shares (or in this case BTC) to close the gap. I hope the SEC will take the step of allowing the conversion which will bring liquidity and rational pricing back to GBTC. Thank you. Regards, Jonathan Lobatto New York, NY