Feb. 22, 2022
Ladies and Gentlemen, On behalf of my client, which trades in Grayscale Bitcoin Trust shares, I am writing to urge the Commission to approve the conversion of GBTC shares to a Spot Bitcoin ETF. Since one of the principal objectives of the Commission is to ensure that shares trade at a price based on actual value, we believe that the conversion to an ETF will reduce or even eliminate the effect of discounts and premiums on the trading price of the shares. This will assure an orderly market for these shares and allow traders to have confidence that only real changes in value are affecting the price. We ask for full consideration by the Commission of this proposal and expect that numerous similarly situated traders will echo this position. Thank you for your consideration. Sincerely, Gerald Miller Gerald M. Miller, Ltd./pre>