Apr. 07, 2022
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. 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 own shares of GBTC in my IRA account and intend them to be a long term hold. I do not have the option to own BTC directly in this account and the futures ETFs are difficult to predict how the fee structures will manifest over a long hold period. A bitcoin spot ETF has a simple free structure and the price of the ETF would be directly linked to the price of bitcoin making my investment decisions straightforward. I had hoped to achieve this with GBTC but have instead seen a significant and variable negative premium occur since acquiring these shares. As an investor, this is very frustrating when a conversion of GBTC to a spot ETF would eliminate this. I wonder how I am being protected as an investor if the conversion is denied. Sincerely, David Hess Chair of Biology Tracking and Tracing Team Lead, COVID-19 Operations Team Associate Professor of Biology Santa Clara University