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 originally started investing in the GBTC fund through my retirement account as a way to get exposure to bitcoin. At the time, it was trading at a slight premium which I was comfortable dealing with given that I felt more comfortable investing through my brokerage account rather than holding a digital wallet. Now that there is a discount and other products have launched the discount on the stock has steepened and it no longer trends with bitcoin as it originally did. In order to help ill informed and new investors, I believe it would be in the best interest of the SEC to convert gbtc to an ETF so that we can be protected from such discounts and/or premiums and also provide a safe way for investors to invest in this new asset class. Sincerely, Amir Roy