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. A significant portion of my 401K portfolio has longterm allocations in GBTC, ETHE, and LTCN. I also have Grayscale allocations in my individual brokerage account. Additionally, I have accounts with major digital asset exchanges where I hold and trade BTC, ETH, and utility tokens. I am writing to you as a retail investor who is already significantly allocated in digital assets. I am not alone. The delay in the conversion of GBTC into a spot ETF only complicates my investment strategies, having to consider premiums and discounts in addition to price action, technical analysis, and the macro environment. Once more, the existing and persistent discount to NAV will be closed upon conversion, benefiting many longstanding digital asset retail investors such as myself as well as future investors. Retail investors are already allocated in digital assets, many through GBTC. Many retail investors already have digital assets in their retirement portfolios through GBTC. Delay in the conversion of GBTC to an ETF only delays access to a spot BTC ETF and forces some retail investors into complicated futures-based ETFs which are not, generally, well understood by the public (contango/backwardation). WE ARE ALREADY INVESTED IN DIGITAL ASSETS; it is already happening and the growth of retail and retirement traders and investors in this space is inevitable. Please give investors, like myself, the opportunity to invest in a straightforward spot BTC ETF, sooner rather than later. Thank you. Respectfully, Edward Ian Garbarino Resident of Florida