May. 06, 2022
To Whom It May Concern at the SEC, Please approve the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. Last year, you approved futures-backed BTC ETFs, but for some unknown reason, you continue to reject applications for spot BTC ETFs. This is completely illogical and unfair. You are not protecting investors. You are hindering them. The discount to NAV in GBTC shares has been substantial. Allowing GBTC to restructure will unlock shareholder value by ensuring it tracks more in line with the Bitcoin pricing. In the interest of protecting investors, particularly early investors, in GBTC who have experienced the reduction in value due to non-conversion, please allow GBTC to convert. Sincerely, Frances Twitty