Mar. 22, 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 investor in GBTC as well as in Bitcoin. I have recently sold off some GBTC because it is trading significantly below NAV and see better opportunities elsewhere. Your closed minded approach to giving a spot ETF a chance, gives me reason to think that GBTC will continue to trade below NAV and the gap may even broaden. Your stance does nothing to help investors and actually hurts traditional investors who are trying to get exposure to Bitcoin through the stock market. Converting GBTC to a spot ETF would allow many new people to invest in bitcoin in a traditional market. I think I speak for everyone in the crypto community that we would love for you to simply give a spot ETF a chance. Weigh the pros and cons, and come to a proper decision. Sincerely, Michael Charur