May. 10, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. As a long time investor in Bitcoin and GBTC (in our IRA since we cannot buy Bitcoin directly in an IRA) I would greatly prefer to buy a holding trust like GBTC than a futures Bitcoin ETF because the former has less frictional losses and more certainty that it will perform as Bitcoin does. GBTC as it exists is in the best interest of investors wanting to rely more on their own investing acumen then that of a costly fund manager (when 8 out of 10 lag the indexes they are competing against). Sincerely, Raymond Walshe Chino Hills, CA