Feb. 26, 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 am a 45- year-old mother of 2, from Phoenix AZ, who invested a significant amount of my family's retirement funds to GBTC. I am a fairly well educated woman with a Masters degree in Healthcare. A few months after the pandemic began in 2020, it became clear it would not end quickly and I left my 16-year career as a Physician Assistant to be able to stay at home with my kids to make my family's health & wellbeing the top priority. When we invested in GBTC, I understood that it was basically the only product available in the U.S. that tracks the price of bitcoin. There were small deviations from the price in the form of discounts and premiums. We understood that bitcoin is a volatile asset & the price can fluctuate significantly. However, we did not realize that the discount could increase as severely as it has. In effect, bitcoin price has decreased 50%, but the value of the GBTC investment has decreased 75%!! I do not believe the American investors are being adequately protected, and conversion to a spot ETF fund is necessary to protect hard- working American investors such as myself & my family. I urge you to please approve the conversion of GBTC to a spot bitcoin ETF! Sincerely, Suzanne Miner