Apr. 12, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol GBTC), currently the world’s largest Bitcoin fund, to become the first Spot Bitcoin ETF in the United States. I live in Virginia and have a few shares of GBTC which sell at a significant discount to the underlying net asset value because of the Trust structure of GBTC. I believe converting GBTC to an ETF structure would unlock this value AND make the shares in the ETF trade more closely to the value of Bitcoin at every point in time. This would be positive for current retail holders of GBTC like me who did not feel comfortable with buying Bitcoin through dexes and holding it in digital wallets. It seems a spot ETF is a better and safer option for retail investors to invest in Bitcoin than any alternative that we currently have! Thank you for your consideration, Jere Denton