May. 13, 2022
Dear SEC, My name is Barrett Estess. I am a resident of Santa Fe, NM where I live with my wife and our two daughters. My wife and I are each Grayscale Bitcoin Trust holders. I am writing to express my support in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. I believe that by not approving this conversion, you are not protecting me or my children's financial futures. Last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. Given that investors use both vehicles to gain exposure to the same underlying asset, Bitcoin—from which both vehicles derive their prices—we, as investors, should be able to choose if we’d like direct or futures-based exposure to that asset. I appreciate your consideration of my request. I hope that you will choose to approve this conversion and protect the interest of investors. Sincerely, Benjamin Barrett Estess