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 Utah resident. Reasons I favor a spot Bitcoin ETF and encourage the SEC to approve such an ETF include: A spot Bitcoin ETF would be the easiest way to gain Bitcoin exposure in Individual Retirement Accounts. A spot Bitcoin ETF would likely have lower fees than Grayscale Bitcoin Trust. A spot Bitcoin ETF would be less risky and lower cost when compared to the already approved Bitcoin Futures ETF. In taxable accounts, capital gains tracking of a Spot Bitcoin ETF will be easier for both the owner and the IRS, when compared to direct Bitcoin ownership. Sincerely, Donald H. Mitchell