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 believe the average US investor should have access to efficient products that provide exposure to Bitcoin. Currently, investors are forced to choose between a futures backed product that does not track the performance well over long periods of time and GBTC which has high fees and discrepancies versus NAV. Given GBTC's size I believe it would be the best option to begin offering a spot backed ETF to the American public. Fees would be reduced and the efficiency of the prodict would improve. Sincerely, Rafael Benrey