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 reside in Arizona. I have been invested in the GBTC since 2017. When I bought it was at a premium to NAV and BTC was valued at around $17,000 USD per coin. The product used to oscillate between trading at a premium and trading at a discount until Canadian and European markets allowed for BTC ETF’s, since then it has traded at a discount to NAV. The SEC has moved too slowly in regard to approving spot market products and it is impacting American investors negatively in the performance of their portfolios. Fortunately the SEC can remedy this, at least partially, by approving GBTC and other Grayscale Trust products to be converted to ETF’s. If that can’t happen please force Grayscale to close their trusts, sell the underlying assets and pay out their share holders for the NAV per share. As an aside it’s embarrassing for Canada and Europe to be years ahead of the U.S. in this regard. Sincerely, Bradley Stinson