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. Converting GBTC to a spot bitcoin ETF will allow many investors who are looking for spot bitcoin exposure without the hassle or worry of securing their digital assets in a cold wallet. It will reduce the 2% management fees I am currently paying to a fee structure significantly less. It will give large companies and investment firms a vehicle to invest in a more traditional style of investment without having to go through the hurdles of gaining LP and investor approval. Overall, this spot bitcoin ETF would reduce volatility by adding more liquidity and a larger market cap, reducing a single entities ability to move price for their own benefit. Out of all the spot bitcoin ETFs that have been submitted to be approved by the SEC, the Grayscale Bitcoin Trust is in the best position due to its bitcoin custodian experience and the amount of bitcoin it has under management. This will provide the initial liquidity necessary. Please consider approving this ETF. Sincerely, Bill DelGiorno