Feb. 22, 2022
Dear SEC, I’m writing from New Jersey 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. It is very important to have a reliable way for investors to access the crypto market without purchasing the actual currency. This is no different than investing in the precious metal or energy markets, where ETFs allow inventors to participate in the market without actually purchasing gold or oil. The best way to serve this need would be to allow the Grayscale's GBTC to convert to an ETF. Many investors are already substantially invested in GBTC, but the fund's current structure causes it to trade at a premium or discount relative to Bitcoin. Converting the GBTC fund to an ETF would eliminate this problem while preserving the investments that thousands of investors have already made. I do hope that the SEC will authorize GBTC to convert to ETF. Sincerely, David Fass