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 feel that from this point forward, more investors will consider investments such as GBTC a standard asset class to include in their portfolios. At this early stage of development, cryptocurrency-related assets are already volatile enough, without introducing premiums and discounts into the mix. I’d like my investment in GBTC to more closely track the price of the underlying asset, that is my intent in purchasing it. I also prefer investing in cryptocurrencies using trust shares such a GBTC, instead of holding digital wallets that require encryption, so that I can buy and sell share in the usual fashion used for all equity trades. It’s easier bookkeeping, and it’s obviously easier for tax reporting purposes. Am happy to provide further information if desired. Sincerely, Douglas Nelson MD