Feb. 24, 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. As an informed investor (ex-sellside corporate bond and derivatives trader, private equity, family office management), what you are doing to GBTC holders is nothing short of criminal. The GBTC trust should be a spot bitcoin ETF in order to best provide and preserve value for investors looking for exposure to bitcoin with lower custodial and operational challenges. In addition to investor harm, this lowers American competitiveness in global capital markets. You are actively harming our standing in the global marketplace by your antiquated views. Allow conversion, now. Thank you, -- Duke Kim