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. I invested with Grayscale before GBTC traded as a security (when it was a trust for accredited investors). I have a significant investment in the GBTC fund that has continued to deviate from NAV negatively. The only reason for this deviation is because citizens in both the U.S. and other countries can invest in spot BTC funds, thus reducing the desire to purchase GBTC shares. A futures-based Bitcoin fund is not an alternative, as shown by its tracking error since its introduction. Grayscale has proven over many years that they can custody Bitcoin safely, and by not acting on Grayscale’s request, you are hurting the very investors that you say you are protecting. I ask that you adhere to your core mandate and stop discriminating against small investors. All the best, Tom Wodetzki Co-Founder American Event Services