Mar. 02, 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. Although GBTC is a capable option to use as a Bitcoin investment, it is inferior to what a spot ETF would provide. The currently approved Bitcoin futures ETF (Symbol: BITO) is also an inferior investment product, and it is more complex and dangerous for the average retail investor to use than a spot ETF would be. I am a current holder of GBTC. Conversion to an ETF would result in more efficient tracking to the spot price of Bitcoin, and the Grayscale management fees would also be reduced. Thank you. James King