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. The delay of both GBTC and ETHE conversion into Bitcoin and Ethereum ETFs has cost me greatly financially over the years. While other countries approve Bitcoin ETFs and allow their citizens to gain from their participation of Bitcoin and Ethereum, owners of Grayscale products have seen their values decrease due to the degradation of the NAV in both GBTC and ETHE, which has come directly as a result of the failure from the SEC to allow conversion of these products into direct Bitcoin and Ethereum ETFs. I have been a GBTC and ETHE shares owner since 2017 and during that time I've found their products an excellent way of participating in Bitcoin and Ethereum through my I.R.A accounts, but at the same time, I've suffered greatly from the declining N.A.V. which has been brought on by the constant rejection by the SEC in allowing for the conversion of both GBTC and ETHE into Bitcoin and Ethereum ETFs. It is beyond comprehension how the SEC could have allowed the Futures based Bitcoin ETF to be approved before the actual Bitcoin ETF to be approved for Grayscale, which has been managing their Bitcoin and Ethereum as well as other crypto based products for so many years without any problems. Please reconsider and approve the conversion of GBTC and ETHE into Bitcoin and Ethereum based ETFs immediately. Sincerely, Sung C. Cha