Mar. 16, 2022
Dear SEC, I am a small retail investor in the Greyscale Bitcoin Trust (GBTC). I bought GBTC for my Roth IRA because my broker Schwab does not offer direct bitcoin investments. I never imagined that GBTC would end up at a 30% discount on its underlying holding of bitcoin. In addition, there is a 2% annual management fee to Greyscale which is reprehensible under the circumstances. A conversion of the Trust to a spot ETF would solve the problem but the SEC has declined the request. In lieu of this, could the SEC ask Greyscale to give small retail investors the ability to tender their GBTC shares in exchange for the underlying bitcoin? The SEC needs to protect small investors that are being hurt in this fund. Thank you. Sincerely, Mark Dunetz