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 strongly urge approval for the GBTC spot Bitcoin ETF , "GBTC ETF", for the following reasons. First, the GBTC ETF will increase transaction volumes, which in turn, lower fraud and manipulation risks- higher participation leads to greater network security. In contrast, less activity results in narrow ownership concentration and higher price disparities across multiple exchanges. Second, the GBTC ETF provides superior and reliable outsourcing of security and management to experts like Greyscale, whereas direct Bitcoin ownership is more succeptible to hacking and theft. Lastly, regulatory frameworks will be easier to design due to easier analysis of aggregate price and volume data that Bitcoin spot ETFs in general will provide. I'm an investor residing in New Jersey. ]*** Sincerely, *** [Richard Rayno] ***