Feb. 28, 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 believe that allowing GBTC to transition to an ETF serves investors in two ways: First, allowing for the ETF structure will help alleviate the significant tracking error the current structure has with Bitcoin’s price. Second, the new structure will very likely result in reduced fees for investors. Many of us prefer to access cryptocurrencies through exchange traded vehicles which are more convenient that maintaining our own wallet, security codes, etc. Please consider granting the request for this conversion. Sincerely, Michael McHugh Houston, Texas