May. 06, 2022
Dear SEC, I'm writing to express my support of converting the Grayscale Bitcoin Trust to an ETF. I've been invested in bitcoin since 2013. I believe in the need for and global demand for a digital, global, censorship-resistant, non-sovereign monetary store-of-value asset. I believe we are only beginning to see the value of bitcoin as the native currency of the internet. In the future, I expect bitcoin will play a major role in global cyber-security and the transition to a sustainable energy economy. I own GBTC because I want exposure to bitcoin as part of a diversified portfolio in the various savings vehicles accessible to me. In particular, I own GBTC in my tax-advantaged IRAs where I cannot access the spot market. Converting GBTC to a spot bitcoin ETF would provide me many advantages as an investor in the fund. Primarily, there would be a mechanism and a market incentive for the unpredictable premium or discount to NAV to be arbitraged away, resulting in a product that more acutely provides the desired exposure of the end investor. Also, Grayscale has committed to lowering the management fee on GBTC if able to convert to a spot bitcoin ETF, which will save me as the end investor vast sums over my expected holding period for this product. Please thoughtfully consider allowing the conversion of GBTC to an ETF. Sincerely, Zack Morris