May. 06, 2022
To Whom it May Concern: I am writing as a GBTC shareholder to voice my strong support for the application of the Grayscale Bitcoin trust conversion to an ETF. I think this is a rare opportunity for the SEC to make a move that would decidedly benefit the retail shareholder by providing access to a more efficient product. There are currently Bitcoin ETFs that are based on Bitcoin futures. Both are ultimately based on the price of the underlying Bitcoin. The denial of Bitcoin ETFs that directly hold Bitcoin seem to be at odds with the approval of the futures based product. Both are based on the same Bitcoin price. Converting GBTC to a Bitcoin ETF would eliminate the roll cost associated with the Bitcoin futures ETF, potentially providing more value to shareholders. I hope that you will give this matter your full consideration. Thank you, Ross Fenton