May. 14, 2022
Dear Ms. Countryman I am a shareholder of the Grayscale Bitcoin Trust (OTCQX:GBTC). I am writing with regard to the SEC's future determination whether or not to approve the conversion of GBTC to a Spot Bitcoin ETF. I believe the SEC should approve the Spot ETF considering that it has already approved a Futures ETF. The price fluctuations of the Futures ETF is already heavily or totally reliant on the spot price of Bitcoin(BTC). I think it would be fair to allow for a Spot ETF to be approved considering it would also follow the price of BTC. Right now GBTC is trading at a discount to its NAV, meaning the price is less than that physical asset, BTC. A Spot ETF would bring GBTC in line with the amount of BTC the trust actually holds. Bitcoin will continue to thrive in this increasingly digital market environment. As a human race we have reaped the rewards in investing in the future. Let America continue to be leaders of that future. Thank you for your time and consideration, Sincerely, Brian Lee