Feb. 22, 2022
Dear SEC, I am writing as one of many retail investors to advocate for conversion of GBTC to an ETF. I have no novel legal nor financial insights, nor any grounds to define "fairness" to the SEC. That said, notwithstanding whatever reason to categorically deny a spot bitcoin ETF to American investors, it seems that an ETF conversion would relieve any "manipulation" up to this point (real or perceived, e.g. GBTC price dynamics related to current fund structure than underlying investment), and align in spirit with the "democratization" potential that bitcoin offers in regards to value and work. To this end, a level investment product is fundamental so that the market can eventually figure that out. In turn, Grayscale's GBTC product is best positioned for that for reasons that are already well known. Respectfully, Michael He