May. 06, 2022
Dear SEC, As a GBTC shareholder, i write in support of the conversion of Grayscale Bitcoin Trust (GBTC) to an ETF. Last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. Given that investors use both vehicles to gain exposure to the same underlying asset, they should be able to choose if we’d like direct or futures-based exposure to that asset. GBTC is the world’s largest publicly-traded cryptocurrency fund, with hundreds of millions in daily trading volume. It holds approximately 3.4% of all Bitcoins outstanding, and is held by more than 850,000 investors, like me. Thank you from California for the opportunity to express my view. Please approve this conversion and protect the interest of investors. DP