May. 06, 2022
Dear SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC). I’m a Florida resident and shareholder of GBTC. I’m a strong advocate for the SEC to provide the optimal structure for all investment types. Closed-end fund structure for spot bitcoin is NOT it. It’s very expensive and creates a large and unpredictable discount to NAV. By not letting Grayscale convert, you’re hurting all current and future shareholders. I’m going to be taking the bitcoin risk either way, at least provide me with the most effective structure. I’m not a trader but a long-term investor, and I would clearly benefit from the lower ETF cost structure over time. Sincerely, William Fiala