May. 11, 2022
Dear SEC rulemaking team, I am an investor in the Grayscale Bitcoin Trust (GBTC). I would like to see the GBTC converted to an Exchange Traded Fund (ETF). I’ve been advised by a trustworthy source that this change would likely cause my GBTC shares that are currently trading at a discount to begin trading in line with NAV (fair value). I believe that the conversion to an ETF would allow GBTC to more effectively track the price of Bitcoin, effectively eliminating discounts and premiums. Grayscale has advised me that they intend to reduce their management fees for GBTC, a move that I would welcome. Overall, this conversion seems like a good idea and good public/investor policy. Thank you. Patrick Bosold