Feb. 27, 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 non-professional retail investor who wants exposure to Bitcoin. I have a material portion of my portfolio in GBTC. If the SEC does not approve the conversion of GBTC into an ETF: the value of my investment will continue to trade at a huge discount, currently around 25%! I will continue to lose 2% of my investment EVER YEAR to Grayscale in the form of fees. I could sell my investment and allocate to spot Bitcoin, however I can't do this with the current 25% discount, and am trapped in this vehicle until the SEC approves an ETF conversion. Grayscale, a Wall Street institution, owned by a literal multi-billionaire, will continue to siphon 2% of my investment away from me, a small retail investor who is very much not a billionaire, every single year until an ETF is approved, again without the ability for me, the retail investor, to get out of my investment because of the 25% discount. Please — PLEASE — help the little guy in this situation — please approve the conversion of GBTC to an ETF so that the value of retail investors' investments in GBTC can more closely reflect the value of Bitcoin. Thank you, Ryan van der Harst