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. There is a need for a market for a spot bitcoin etf in Illinois, my home state, as well as elsewhere in the USA. Grayscale certainly has the market capital to manage such a switch. They have been in the forefront of Bitcoin development for many years. They would make a strong candidate for the first spot bitcoin etf. Bitcoin has become institutionalized. As such many institutions will eagerly join this proposed etf and provide order to the market. The current owners most likely will continue as owners since they are long term investors as well. They are not traders interested in speculative profits but see the underlying value in bitcoin. I hope you are able to take these thoughts into consideration as you decide on Grayscale's application. Thank you for your support of my comments. Sincerely, Robert A. Schultz Wilmette, Illinois