May. 13, 2022
To whom it may concern, I’m writing to support the conversion of Grayscale Bitcoin Trust to a Spot Bitcoin ETF structure. I am no longer actively working at an investment bank, but, in my past professional life, I helped develop what are now the largest outstanding Fixed Income ETFs. For a very broad set of the underlying instruments, a well structured ETF provides one of the most efficient vehicles for investing for both individual and professional investors. Bitcoin seems to fit squarely in this bucket. Regards Derek Smith