Feb. 22, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC) to a Spot Bitcoin ETF. Currently, the NAV of GBTC fluctuates from a premium to a discount due to factors unrelated to the price of bitcoin. Most investors I know bought GBTC because it was a safe, simple way to "own" bitcoin and participate in it's price variation without signing up for complicated crypto exchanges. Holding Rule 144, partly, creates the artificial premiums and discounts of GBTC and the ETF,structure would make it much more fair for investors and simpler for Grayscale to provide us the bitcoin spot price action we thought we were getting when we bought GBTC. Thanks for reading. Sincerely, Donald Kooy