Apr. 22, 2022
Dear SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. United States (US) investors already have several approved methods of investing in Bitcoin indirectly: through Bitcoin mining companies, through companies that hold Bitcoin such as Microstrategy, through Bitcoin futures ETFs, or through spot Bitcoin ETFs based in foreign countries. I believe it is in the best interest of US investors to have the choice of investing in spot Bitcoin ETFs based in the US, with appropriate SEC oversight and regulation. Please approve several spot Bitcoin ETFs, to give investors choice in the firm(s) they invest with, and to encourage competitive pricing. Investors would also be expected to benefit from a reduction of the large discount to net asset value (NAV) in GBTC through arbitrage across ETFs and Bitcoin. I’m writing from Sedona, Arizona, with gratitude for the opportunity to express my view, and with the hope that you will approve this conversion and protect the interest of investors. Sincerely, William Wilcox Sedona, Arizona