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 am a retired educator who has owned GBTC for about 2 years, as part of my stock portfolio. By far, it has produced the greatest gain of any stock I have owned, but I have failed to benefit fully because of the gigantic discount that it trades to the NAV of bitcoin itself. I don’t understand the approval of a futures ETF and the rejection of a spot ETF. The futures ETF is much riskier and less advantageous to the average investor. It seems as though you WANT people to lose money. Allowing the conversion with prudent requirements and regulations would be to everyone’s advantage. Please approve this change. Thank you. Sincerely, Michael Schaller