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’m a resident of Michigan. I invest in stocks and have purchased gbtc which trades at a premium or discount to the price of Bitcoin and would prefer that it actually reflected the price of BTC so I don’t have to try to figure out why there is a difference and how that will impact me. I have some experience with futures and I am not interested in the etf’s based on futures. I have also bought bitcoin directly but if I could get it in a spot etf it would be much simpler and I would feel better about the safety of my funds. All my money invested is at risk and I think it’s time to let people choose whether or not they want to invest in bitcoin through a spot btc etf. Please approve the grayscale application to start a Bitcoin Spot ETF! Sincerely, Paul E Smith www.FiveLakes.com