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. I currently live in Boise Idaho and have been a shareholder in Grayscale's GBTC product for several years. Now that the investing markets have access to several other truer Bitcoin ETFs in other parts of the world, GBTC has been trading at a big discount to its Net Asset Value. This is unfair to shareholders in the U.S. since we often can't access these foreign ETFs but could be quickly remedied by allowing Grayscale to convert this product to a true ETF. This would help GBTC to better track Bitcoin's price movements and I also believe that this would be another positive step towards further legitimizing Bitcoin among the general public and their adoption of digital currencies. Additionally, it might also help towards reducing some of the volatility we have traditionally seen in Bitcoin by increasing institutional interest in GBTC and restore their prior power to help positively drive the market via new investments in Grayscale's product here. Thanks for listening and for your consideration on this important matter. Sincerely, Brian House