The following Letter Type A, or variations thereof, was submitted by individuals or entities.

Letter Type A:

I am writing as a current shareholder in the Osprey Bitcoin Trust (OBTC) to strongly support the proposed rule change filed by Cboe BZX Exchange to convert OBTC into a spot Bitcoin ETF. As an investor, I believe this conversion would enhance market efficiency, increase competition, and better protect shareholders like myself.

First, the spot Bitcoin ETF market has already demonstrated strong acceptance and maturity since approvals began in early 2024. Existing products, such as BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC), have amassed significant assets under management (AUM), with total crypto ETF AUM exceeding $123 billion by April 30, 2025, and BlackRock's alone surpassing $72 billion by June 2025. Institutional investors hold about 23% of this AUM, reflecting broad market confidence and liquidity. Approving OBTC's conversion would introduce another competitor, fostering innovation, tighter spreads, and better pricing for investors without introducing new risks, as the underlying asset (Bitcoin) is already well-regulated in these structures.

Second, the current closed-end trust structure of OBTC is less efficient than an ETF, directly harming investors. OBTC often trades at a significant discount to its Net Asset Value (NAV), with recent data showing persistent premiums/discounts that reduce liquidity and increase trading costs. For example, as of mid-2025, OBTC has experienced low trading volume and wide bid-ask spreads, making it difficult to enter or exit positions at fair value. Converting to an ETF would enable in-kind creations/redemptions, arbitraging away discounts/premiums and improving liquidity—benefits already seen in approved Bitcoin ETFs. This would protect retail investors like me from unnecessary losses and align OBTC with modern, efficient market standards.

I urge the SEC to approve this proposal promptly to promote fair and orderly markets. Thank you for considering my views.