Feb. 22, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States for the following reasons: 1. Retail investors are already using GBTC to access this new asset class that has now proven itself to be a viable and growing store of value. However, this access is at significant cost to investors and with the disadvantage of significant current discounts. The ETF would help remedy these problems. 2. US investors need SEC regulated access to the true spot price of BTC providing them a safer alternative to various crypto exchanges. 3. Spot BTC ETFs are already available in Canada and Europe. US investors are left behind. 4. Futures ETFs are more complicated for the retail investor and favor institutional investors. 5. The Grayscale team has a long-term record of responsible management for investors and already holds significant BTC. I believe this should be a major consideration in approving their application for a spot ETF. Sincerely, A. Madlener