May. 06, 2022
Dear SEC, I am a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. I strongly believe that you will be protecting and helping me if you allow this conversion to take place. It does not seem logical that last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. Since the discount to NAV in GBTC has been around 25%, on average, this year, existing shareholders like me are experiencing tremendous unnecessary destruction of value. I’m writing from Colorado with gratitude for the opportunity to express my view to you and hope that you will approve this conversion and protect my interest and the interest of all other investors in GBTC. Sincerely, John Halberstadt