Apr. 22, 2022
Dear SEC, 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 as I believe this is directly in line with the mission of the SEC. I am a resident of the state of Wisconsin 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. Other countries already have Bitcoin spot ETFs (i.e. Canada and Australia) and it is evident the industry is ready for Bitcoin spot ETFs and for the United States to become a global leader in the sector. 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 ETF 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, John Runyan