May. 10, 2022
To Whom it May Concern, I write in support of Grayscale’s (GBTC’s) effort to become a Spot Bitcoin ETF. The market price of Bitcoin is well understood and transparent among all market participants. As a shareholder of this security, as long as it unable to be listed as a Spott ETF, in incur harm as this typically results in the price of my shares being less than the true market price NAV (i.e. they are a discount to the underlying market price). Please reconsider your decision and allow the conversion to a Spot Bitcoin ETF. Thanks Salim Janmohamed, MBA, OT (he/him/his) Managing Director The Function Experts ®