Apr. 25, 2022
Dear SEC, I am 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. It has been a frustration to me that I have been unable to obtain direct exposure to bitcoin in my portfolio. GBTC is the best option I have had to date, but I find its structure confusing with varying premiums or discounts to NAV that make me uncomfortable. If Grayscale wishes to convert GBTC to an ETF, I would happily own the ETF instead. I suspect many other investors would be much more comfortable investing in a well understood ETF than a trust vehicle that is somewhat opaque to the average investor. In my opinion, allowing this conversion is certainly in the interest of Main Street investors who are going to seek out exposure to bitcoin one way or another. The best you can do is give investors a well understood and familiar vehicle with which to do so. I sincerely hope you allow it to proceed. Best regards, Jody Cryder