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. The current “closed-end” structure is inefficient and harmful to investors seeking exposure to, and the corresponding return profile of, Bitcoin. As of this writing GBTC is trading at an approximate 25% discount to the underlying Bitcoin! In the spirit of fairness and in keeping with our unique and delicate economic system of capitalism, which our markets should reflect and the SEC should endorse, please take immediate steps to allow for the conversion for the Graystone Bitcoin Trust to an ETF. Sincerely, Dustin Lough