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. If consumer protection is your goal, then I urge you to permit ETFs to hold bitcoin at spot market prices. I believe that using an ETF is the safest way to accumulate Bitcoin for long-term holders like myself. An EFT provide protection from self-custodial risks and also provides a method to hold bitcoin withn IRAs as part of a balanced portfolio. I’m losing part of my investment everyday that GBTC does not convert to an ETF. This is because the shares of GBTC trade at a discount to the fair market value of Bitcoin on the spot market. This discount would be neutralized if the GBTC could convert to an ETF. In short, investors like me will only be helped by this conversion - not hurt. Thanks for your consideration of this change in policy. Sincerely, Eric Papczun