Feb. 22, 2022
Dear SEC: I am making contact to strongly advocate for the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), to a Spot Bitcoin ETF in the US. The SEC’s messaging re: investor protection is brazenly inconsistent as it relates to a Futures based product vs Spot. Rehashing well versed reasons and just criticism received from members of Congress / investment community is mute. However, I would like to provide the direct impact the SEC’s inaction has had on my family. Due to COVID-19 business impact, I was released from Medtronic. Out of necessity to support my family during this challenging time, I will be forced to liquidate a % of position until the next opportunity presents. Selling down GBTC holdings at a (-25%) discount to NAV has severely limited accessible financial resources and attributed to mental health concerns as the stress of available finances is mounting. I implore the SEC to reconsider their position and take necessary action to approve the conversion of GBTC. Many families are relying on OUR government during these uncertain times to display the values they speak to in the public forum. As an American born citizen, my confidence in our system is incrementally dwindling. Thank you for the consideration and please contact me directly should more information be required. Sincerely, Michael LaMonica Atlanta, GA