Feb. 22, 2022
Dear SEC, I’m writing to support the conversion of the Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. GBTC offers an efficient way for me to gain spot BTC exposure through a brokerage account without the immense negative drag (i.e., roll risk) arising from other ETFs backed by BTC futures that the SEC has approved. BTC trades 24/7 in enormous volume on many exchanges and, as a commodity, is not subject to the same kinds of insider trading risks that are present with conventional securities. Sincerely, James Lovely Lakeland, Florida