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 fully aware that BTC is a volatile asset, as I hold it indirectly through GBTC and also directly via an iTrust Capital IRA and personally. Since GBTC trades at such a steep discount to NAV, I am now completely trapped in this investment. Trusts have evolved into a suboptimal vehicle for Bitcoin ownership, and converting GBTC to a true ETF would greatly improve my family's financial position in retirement. Thank you. Sincerely, Christopher P. Karr Lake Forest, California