Apr. 25, 2022
To Whom It May Concern: 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. If the SEC's true goal is investor protection, then there is no reason why it would not convert GBTC into an ETF. As we are all aware, the SEC has permitted Bitcoin futures ETFs but has thus far rejected spot ETFs. Due to the nature of the current trust format of GBTC, it is not able to accurately track the price of Bitcoin and is subject to more manipulation by larger investors, hurting us little guys. As a retail investor, I would like to see the price movements of GBTC reflect the price action of bitcoin and have the price trade without a premium or discount to the underlying NAV. Not giving us this option forces us into riskier Bitcoin-related options out there. Having a spot Bitcoin ETF would protect the investors. Bitcoin is a great alternative investment for those seeking some diversification from traditional investments. As Bitcoin gains more and more worldwide adoption each day, the SEC and the US Government as a whole should embrace Bitcoin so that the US can remain the richest and most powerful country in the world. I fear that if we continue to not embrace Bitcoin (at best) or stifle its development in the US (at worst), the US will be left behind the rest of the world that is starting to embrace this revolutionary technology. Bitcoin is inevitable. The US must get on board. Thank you for considering our comments. Rich Seils