Apr. 28, 2022
Dear SEC, 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 of the opinion that a Spot Bitcoin ETF would be in the best interest of not only retail investors but institutional investors as well. At this time there are millions within the United States wishing to gain safe exposure to the underlying asset of this fund, Bitcoin, however are unable to do so within traditional markets as the only options at this time are via obscure futures products. The next best option (GBTC) suffers fluctuations in premiums and discounts to net asset value due to its nature as a closed fund. This would be alleviated if the conversation to an ETF is permitted. It is becoming abundantly clear that the adoption of digital assets is growing exponentially. The United States has an extremely vital role in either supporting innovation and growth or falling behind other world economies in the adoption of this technology. The people of the United States are looking to the SEC for assistance, and I am confident your organization will make the correct decision for America’s businesses and citizens by approving this conversion. Sincerely, Justin Reardon