Mar. 08, 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 first want to thank you for accepting comments from the public and concerned citizens regarding the creation of a bitcoin spot exchange traded fund. I am a retail investor managing my personal investments and retirement portfolios. Bitcoin has become an integral portion of my investment strategy supported directly by the Grayscale Bitcoin Trust (GBTC). Using this structure to build my BTC crypto positions has offered a secure platform which is secure and effectively traded. Over the past year, the GBTC offering has been trading at a discount to net asset value (“NAV”), currently trading at ~30% discount to NAV as of 3/7/2022 harming retail and institutional investors. Converting this product to a BTC ETF would permit the transitioned fund to enhance its value and minimize or eliminate the discount to NAV. This will ultimately protect the thousands of retail investors utilizing this product to invest in bitcoin. Thank you for the opportunity to voice my concern. Sincerely, Mark L. Robitaille