Mar. 13, 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. Bitcoin is a breakthrough in computer science built on 20 years of research into cryptographic currency, and 40 years of research in cryptography, by thousands of researchers around the world. Bitcoin is one of the most innovative technologies in the history of humanity. Given the current geopolitical and economic uncertainty, as an educated investor it is extremely important to have a well-diversified retirement portfolio. Allocating a small percentage of one's portfolio to Bitcoin (a systemically uncorrelated asset) is extremely valuable. Currently there is no good option within a brokerage account. By not converting GBTC to a spot ETF, the SEC is harming the retail investor. Converting GBTC to a spot ETF would protect the investor. It would lower fees and allow GBTC to trade at the net asset value. Currently it is trading at a large discount. I strongly support and believe converting GBTC to a Spot Bitcoin ETF, is in the best interest of investors. Thank you for your time and consideration. Sincerely, Sean Litherland