May 22, 2022
Dear SEC, I am new to providing comments to the SEC. I hail from Oregon and write as a longtime GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC). 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. Furthermore, the discount to NAV in GBTC has been around 25%, on average, this year. This means that the price of GBTC is less than the price of Bitcoin, the asset itself. This certainly should be rectified. Thank you for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of investors. Sincerely, Charles Van Genderen Dayton, Oregon