Feb. 23, 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 have been investing in GBTC for almost 2 years now and I am confident in the Grayscale management team. However, the inability of the trust to be a physically backed ETF has limited its liquidity. This is reflected in dramatic swings in premiums and discounts of the fund. A Spot Bitcoin ETF will give me Grayscale's robust custody management and the ability to transparently report tax obligations to the government without having to personally secure my crypto wallet. A Spot Bitcoin ETF will also give me an opportunity to diversify my retirement portfolio with crypto currency. Please approve the conversion of GBTC to Spot Bitcoin ETF. Thanks for your kind consideration Sincerely Reza Bacchus