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 support Grayscale in their efforts to convert the Grayscale Bitcoin Trust into a spot ETF. I am a GBTC trust holder and I am materially, negatively impacted by the current structure of the trust. Because there is a very large discount from the price of a Bitcoin to the price of the trust, I & my other trust holders are unable to realize the full price appreciation of a Bitcoin. I also believe that it is not in the interests of our financial markets to reject this ETF when other countries around the world are moving ahead with their plans for a Bitcoin spot ETF. This would put our country at a competitive disadvantage for global investment, which I don’t believe we want to be in. Sincerely, Michele Lellman