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. BTC trades Billions every day and I am able to buy it easily on many exchanges currently. However this was not always true and therefore the GBTC product took off when the options to get exposure to BTC were limited. However, now the tables are turned, GBTC is trading at a discount to NAV. An ETF conversion would solve my and other retail investors problem of being locked into a high fee structure that is no longer relevant. Please allow the conversion as NOT doing so only hurts investors. Sincerely, Adil Abdulali