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. As a California resident and long term investor in GBTC, I have been anxiously awaiting the day when the fund will be allowed to convert into an ETF. Once that is accomplished, the fund should trade near the native value of the bitcoins which the fund holds, doing away with the drastic premiums and discounts from NAV which have historically plagued the investment. Personally, I do not feel that the SEC is protecting me, or my fellow investors, by withholding the approval of a US based Spot Bitcoin ETF. As you’ve already approved a much riskier Bitcoin futures ETF, it makes no sense to deny investors a Spot ETF. An asset-backed ETF seems much safer to many of us, and believe me we are well aware of the volatility that comes with owning Bitcoin. :) Please keep the investment community advised of your thinking on this much needed U.S. investment vehicle. Regards, Douglas Johnson Current GBTC shareholder