Mar. 16, 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 bought into GBTC years ago with the hope of investing in Bitcoin without the risk of holding it in a digital wallet and to simplify taxation, as there was very little guidence from the IRS at the time. I admit I did not fully understand the premium/discount inbalance inherently possible with the Trust, thinking it should act more or less like an ETF. Had I known share prices would continually fail to mirror Bitcoin prices, I would have just bought Bitcoin. But, this would open up much more risk than the ETF asking to be approved. The SEC claims to be acting to "protect" me while denying application after application from many financial institutions. These delays to the inevitable only hurt me as I feel I cannot sell GBTC funds until the huge discount is brought equal to the value of Bitcoin in the form of an ETF. Individual investors like me take on risk. We have different risk tolerances. Is it really the task of the SEC to hurt investors like me while claiming to shelter/protect us from possible manipulation? If so, I release the SEC from this responsibility. It is like being held under water by the very person whistling for a lifeguard. Grayscale/GBTC is the best entity to tackle the challenges demanded by the SEC. Please approve the application without further delays. Crypto is not only here to stay, it has become less volatile over time, even compaired to a few of my other risk-on assets and funds. Thank you for your consideration, Jon Van Dahm Monee, IL