Apr. 23, 2022
To Whom It May Concern, Thank you for protecting investors and maintaining fair, orderly, and efficient financial markets. 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 Maryland and personally hold shares of GBTC in various both regular and tax-advantaged 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. The United States needs to catch up to this reality, or risk leaving its investors at a disadvantage and looking elsewhere to execute these transactions. Furthermore, given that GBTC has been trading at a significant discount compared to its NAV for over a year now, approving Grayscale's application to convert GBTC to a spot ETFs is consistent with the SEC's mission of maintaining fair and efficient equity markets. Respectfully, Mark Babasa