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 live in the state of Georgia and am a basic retail investor. I manage my own 401k portfolio. I fully understand the speculative and volatile nature of Bitcoin, but believe there is a worthwhile potential risk-adjusted return such that I have allocated a small amount of my portfolio to Bitcoin. GBTC has been the only way for me to invest in BTC within my 401k. The available proxy companies and the BITO options ETF are suboptimal options. Conversion of GBTC to a spot ETF would benefit me because the discount to NAV would disappear, allowing a more efficient way for me to invest in bitcoin. I believe the bitcoin market is sufficiently large that market manipulation would be exceedingly difficult. As you know, other countries allow a spot ETF and there has not been widespread harm to the retail investor. Thank you for considering the opinion of a generic retail investor like me. Sincerely, Glenn Bloom