Apr. 21, 2022
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. Dear Madam or Sir, First and foremost I'd like to thank you for the work that you do. Protecting investors and maintaining fair, orderly, and efficient markets is a very important job. 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 a resident of Missouri and I personally hold shares of GBTC in various tax-advantaged retirement savings accounts that don't have the option of holding actual Bitcoin or other crypto currencies. I understand that crypto currencies are a relatively new asset class and thus approving a Bitcoin spot ETF requires careful consideration. However, I believe that it is evident that the crypto markets have matured immensely and the fact that other countries already have Bitcoin spot ETFs (e.g. Canada and Australia) shows that the industry is ready for Bitcoin spot ETFs and the United States needs to catch up to this reality, or risk leaving its investors at a disadvantage. Furthermore, given that GBTC has been trading at a significant discount compared to its NAV for over a year now, it seems to me that approving Grayscale's application to convert GBTC to a spot ETFs is very much in line with the SEC's mission of maintaining fair and efficient markets. Please feel free to contact me via email if you have any questions or would like to discuss further. Sincerely, Dr. Jonas Lippuner