Feb. 23, 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. Given the inefficiencies of the Bitcoin Futures ETF launched in the U.S. and the successful launch of a physical Bitcoin ETF in Canada, there is ample evidence that a physical Bitcoin ETF listed in the U.S. would be successful and is necessary. The structure of GBTC as a Trust, which allows a significant discount to NAV, has created a wealth trap for individual investors and the conversion to an ETF would alleviate this hardship. Sincerely, Joel Talish