May 12, 2022
Dear SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) — the world’s largest publicly-traded cryptocurrency fund — to an ETF. I intend to keep 5 - 10% of my investment portfolio in crypto assets for additional diversification. GBTC gives me a convenient way to do so. In the form of an ETF, the lower fees and reduced premium/discount will benefit me as a small retail investor. In my opinion, denying the public a GBTC ETF does not protect investors, instead it deprives them of a valuable diversification tool. Furthermore, I don't see how a GBTC ETF would be riskier than so many of the ETF's (e.g. commodity, actively managed, leveraged ETF's) that have been available to the investing public for many years. I’m writing from California, with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of investors. Sincerely, Jorg Land