Feb. 25, 2022
Date of Letter: 2/25/2022 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. Multiple spot Bitcoin ETF’s have already been approved and exist in multiple first world nations such as Canada. Grayscale is working hard to convert their trusts into spot ETF’s so they will follow the actual value of the asset (ie. Ethereum and Bitcoin) and have much lower annual fees. ProShares Bitcoin future ETF has already been approved which makes sense but is more risky for retail investors. It only makes sense that GBTC spot ETF be approved to provide a safer on ramp to Bitcoin. This should also follow for their other trusts such as Ethereum ETHE for the same reasons. Sincerely, Sean