Feb. 28, 2022
Dear SEC, I have been investing in Bitcoin via GBTC for several years. Unfortunately, since it is currently a CEF, it does not follow the spot price efficiently. I sincerely hope that you will approve Grayscale's petition to convert GBTC to a Bitcoin Spot ETF. This conversion will make it easier to trade due to the lack of OTC fees and the market price will accurately reflect the true value of my investment. There have been times that the discounts and premiums to NAV have made this investment riskier than just purchasing Bitcoin on an exchange! Converting GBTC to an ETF will actually help protect investors from the pitfalls of trading CEFs. This approval is long overdue and I believe that this will actually help the SEC to begin regulating cryptocurrencies. Investors in cryptocurrencies understand the risks involved and simply want to be able to easily invest in Bitcoin in accounts that wouldn't normally allow cryptos. Please sincerely consider approving this request. Thank you! Matthew Johnston