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. As a retiree with a traditional IRA, there is no reasonable way for me to hold Bitcoin directly. While GBTC is a reasonable surrogate for Bitcoin, it tends to sell at a discount or a premium to it's NAV increasing the volatility of an already volatile asset. Converting GBTC to a spot ETF would eliminate that additional volatility and allow retirees like myself to hold a position in this new and exciting technology. There are ETFs available for almost every stock group and commodity. I can see no reason why Bitcoin should not have it's own ETF and Grayscale Bitcoin Trust is ready to proceed. Thank you for your consideration. Sincerely, Gary W. Scroggins