Mar. 03, 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. Since last year, GBTC has underperformed spot bitcoin prices significantly. As a long-term retail investor in GBTC, I’m hopeful that you will approve the conversion to a spot ETF. This would narrow the current discount to NAV and provide a more efficient mechanism for brokerages (including IRA accounts) to get exposure to Bitcoin. I am fully aware of the risks that the SEC has cited regarding bitcoin as an asset class and am comfortable assuming those risks via a spot ETF. The current mechanics of the Grayscale Bitcoin Trust which can unfairly cause GBTC’s discount/premium to narrow or widen (based on sentiment driven inflows/outflows) would be quickly resolved through conversion. Please feel free to contact me if you would like to discuss this matter further. Thank you for your consideration, Alex Nguyen Houston, Texas