Mar. 02, 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. This would help investors. GBTC can and has traded at a significant discount and premium to the underlying asset. A conversion to an ETF would help investors gain exposure to the asset without additional premiums and discounts. In addition, multiple spot ETFs would lower fees for investors compared to GBTC or compared to futures-based bitcoin ETFs. Spot ETFs have been approved in other countries without any issues. GBTC has been at a significant discount to the underlying asset for almost a year now and this is not good for investors or for the market. The conversion will help investors and help the orderly functioning of the markets. Sincerely, Daniel Ameli