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 reside in California and have worked for two decades as an investor across multiple asset classes. Your own Hester Peirce has eloquently laid out the arguments for why Bitcoin spot ETFs should be approved, while nobody from the SEC has articulated why the SEC continues to deny approval of spot Bitcoin ETFs. Finally, I would like to point out that the SEC is not protecting American investors by rejecting spot Bitcoin ETFs. As a matter of fact, the SEC is doing the opposite. Why? Best regards, Christian Christian Borcher Managing Director Sabia Capital LLC