Mar. 12, 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 am a Massachusetts resident who currently holds GBTC in my retirement accounts. I have since approximately March, 2021. I believe in owning crypto currency, including BTC, as a small risk-on part of my portfolio. What I really want is a spot product that is well aligned with the current price of BTC. The dislocation in GBTC values vs. spot values is tough for consumers of the current GBTC product, it would be much better for existing consumers of GBTC (both new and existing) if it was treated as a spot ETF. Also, given the success of BTC and crypto more generally in the modern world, it seems untenable long term for there not to be spot ETFs pegged to the price of established, decentralized crypto currencies like BTC/ETH. I don't think these assets are going away. Sincerely, Alex Taylor Lincoln, MA