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 am a Florida resident and purchased GBTC when it traded at a premium to the spot Bitcoin price. I paid the premium because at the time GBTC was the only reasonable way to invest in bitcoin. Now that there are more ways to invest in bitcoin, GBTC is trading at a significant discount to the spot price. Conversion to a spot ETF should enable GBTC to trade in line with the actual price of bitcoin, with no premium or discount. Accordingly, please allow this conversion. Sincerely, Roger Kephart