May. 06, 2022
Dear SEC, I write to you as a GBTC shareholder, and request that you support the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. To not allow conversion puts GBTC at a competitive disadvantage at this point. Initially GBTC was the only avenue to reliably trade crypto currency where I reside, New York State. This now puts me at a 33% disadvantage (8% premium on the buy (because it was the only avenue) and about 25% on the sell). Given what has been allowed with other crypto ETFs, it seems arbitrary and punitive to disallow this conversion. This was the only avenue I had to allocate a small portion of my IRA to bitcoin. It’s even worse in New York because many of the avenues to purchase crypto were restricted for a long time. Sincerely, Lawrence Rabideau Burnt Hills, New York