May 12, 2022
***[PLEASE CUSTOMIZE WITH YOUR VIEWS ON THE CONVERSION, INCLUDING WHICH STATE YOU RESIDE IN – THANK YOU FOR YOUR SUPPORT]*** Dear SEC, I am Dr. Patrick Showalter, a urologist by training and an active trader and investor in equity, futures, and currencies from Tennessee and I am in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust (OTCQX: GBTC) – the world’s largest publicly traded crypto asset fund, with approximately $30 billion in AUM, hundreds of millions in daily trading volume, more than 850,000 investors, holding approximately 3.4% of all Bitcoins outstanding – into a Bitcoin Spot ETF. This year, GBTC has traded at an approximately 25% discount to its NAV, which means the price of GBTC is less than the price of its underlying assets, Bitcoin. With approximately $30 billion in AUM, that results in approximately $7.5 billion of trapped value from existing U.S. investors. Converting GBTC to an ETF will more efficiently track the value of Bitcoin. And, let's be honest, other cryptocurrencies will disappear, but Bitcoin will always exist. Sincerely, Patrick R. Showalter, MD