Mar. 31, 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 have invested in GBTC over the last year as I believe in the future of bitcoin and its viability as a cryptocurrency, knowing full well there is considerable speculative risk. I preferred to not take full custody of bitcoin and use GBTC as an option to invest with money in my brokerage account. However, it is clear GBTC is an inferior product to a spot ETF. GBTC has a reasonably large 2% fee and currently trades at a 20%+ discount to Net Asset Value (NAV). For an organization that wants to protect investors, it would seem logical to support this conversion to a superior investment offering. I would like to invest in bitcoin in my Roth IRA as well and an ETF is a superior offering that will continue to protect investors while better matching regular bitcoin price changes. Sincerely, Brian Callaghan Shelby Township, MI