Feb. 24, 2022
Dear SEC, Thank you for accepting public comment on Grayscale's request to convert GBTC to a spot Bitcoin ETF. I am a shareholder in GBTC and strongly believe that conversion to an ETF is in the best interests of shareholders. The ETF wrapper should allow Grayscale to maintain a lower discount/premium to NAV, which is clearly of interest to shareholders. One of the main reasons I’m interested in allowing Grayscale to maintain custody of Bitcoin is that it simplifies the process of owning and securing Bitcoin due to alleviating the need for maintaining crypto exchange accounts and hardware wallets. Existing ETF products (e.g. BITO) provide an opportunity to speculate on the futures market, which is of no interest to me. Please find a way to move our country forward and join the growing list of nations that are approving Bitcoin spot ETF products. Best regards, Chris Renz