Apr. 22, 2022
Dear SEC, I am a resident of the Commonwealth of Pennsylvania and I am writing to support the conversion of Grayscale Bitcoin Trust (symbol: GBTC) to the first Spot Bitcoin ETF in the United States. GBTC provides an alternate way to gain exposure to Bitcoin. GBTC offers direct exposure to the Bitcoin spot market through a product that does not expose investors to the risk and expense of custody and trading. GBTC needs to be able to offer continuous and ongoing share redemption and creation such as is employed by ETFs to reduce or eliminate the trading discounts and premiums that presently occur. Allowing GBTC to convert to an ETF would allow GBTC to track its underlying NAV. This would give the individual investor more confidence in the product as well as broader and safer access to it. If approved, GBTC would be subject to disclosures that would provide consumer protection benefits to participants. I support the effort to list and trade shares of Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E. Respectfully, John F. Wohlin