May 12, 2022
To Whom It May Concern: Regarding the subject topic (re: converting GBTC to an ETF), I hold strong opinions. As a GBTC holder, I also have a significant economic incentive. I've held GBTC from the time it traded at a significant premium (mid-teens percentage) to now (when it is trading at over 30% discount). In short, I've been materially impacted by the current (non-spot ETF) structure. Many other countries have already taken this step. I, and thousands of other investors, encourage the SEC to approve the same. It's time. Investors are no longer being protected by the denials of spot BTC ETF applications. Individuals and institutions across the spectrum of investor classes are looking for an "easy button" bitcoin exposure solution that actually tracks the price of the underlying asset and doesn't come with significant fees, which help those managing the funds, but not the investors themselves. Please approve GBTC's spot BTC conversion. Best regards, Rob -- Robert F. Tymowski