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 realize that you are concerned with market manipulation, but investors like myself are currently having to deal with discounts of more than 30% from the Net Asset Value at times. This is frustrating. Allowing the conversion should cause shares to trade in line with the NAV by effectively eliminating premiums and discounts. This will result in GBTC more efficiently tracking the price of Bitcoin. It is also my opinion that the ETF will bring in more institutional investors that will hopefully stabilize the price fluctuations. Thank you for considering my thoughts. Sincerely, James R. Parmenter Plymouth, MA