Feb. 25, 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 was not ready to buy bitcoin directly due to the complications of purchasing crypto. So I bought the GBTC Trust to have an opportunity to invest/speculate in the crypto market. Despite having to pay almost a 20% premium to the value of the Trust. However now the Trust is close to a 20% penalty to the actual value of the fund. I believe the Bitcoin spot ETF would finally reflect the true value of the fund of which is only reasonable. Please approve Grayscale application. Thanks. Sincerely. Ronald W. Bauer