Mar. 28, 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. In my career as a finance professional, I have studied for and passed multiple exams covering the landmark rulings and the current responsibilities of the SEC. Investors benefit from protection against fraud, not from 'protection' against volatility. I do not believe there is sufficient evidence that the Bitcoin network or the Grayscale Bitcoin Trust are especially vulnerable to fraud compared to other approved investment vehicles. Respectfully, if the volatility of the underlying asset is playing a role in this decision, please reconsider. Modern investors are remarkably well-informed and deserve a choice of a broad range of asset classes - choice which will be enhanced by the approval of this vehicle. Thank you for your consideration and thoroughness on the matter. Sincerely, Jakob Dodd