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’m an investor based in California, and feel strongly that a spot bitcoin ETF would be vastly superior to a futures ETF. It would track bitcoin prices much more closely and eliminate the current gap that exists between the bitcoin NAV and public market prices. It would also allow for bitcoin to be held indefinitely, with no need to roll positions forward over time, and provide a path to redemption for the underlying assets at fair market value. Sincerely, Stephan Paternot