Feb. 22, 2022
Dear SEC, I am a California resident writing to support the conversion of Grayscale Bitcoin Trust (GBTC) to an ETF that tracks the spot price of BTC. As a retail investor, I would like an easily accessible, efficient, and low-cost way to use established brokerages like Vanguard to invest in BTC. Easily accessible: most self-directed brokerages today do not offer a way to buy and sell BTC directly. Efficient: currently, GBTC's price significantly drifts from the price of BTC. Today GBTC is trading at a large 26% below NAV. Low-cost: GBTC's expense ratio is 2%. The fund managers say management fees will be lower if GBTC converts to a spot ETF. Sincerely, James