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. First and foremost, you are not protecting investors by holding back on the approval of Bitcoin spot ETF and you are in fact depriving one-in-a-lifetime investment opportunity from American investors. Investors in other countries are rushing to accumulate scarce bitcoins including China and yet the American investors are left behind only because SEC falsely claims they are taking responsibility of protecting investors. Bitcoin spot ETF will allow more people and institutions to participate in Bitcoin investment and consequently, the manipulation will become more and more difficult and you will actually be helping reduce manipulation of Bitcoin price by approving Bitcoin spot ETF. So, please approve GBTC ETF conversion to help American investors get ahead. By doing so, you will be doing American investors a big favor! Sincerely, Richard Zheng