Apr. 13, 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. A Spot Bitcoin ETF would allow investors like me to: Diversify my investment portfolio into the world's most popular cryptocurrency Invest in a product that directly tracks the price of Bitcoin without having to hold Bitcoin Own crypto in the same way I own many other investable assets Additional thoughts: Currently, GBTC is the closest way for me to get pure bitcoin exposure in my 401K. GBTC is now trading at a discount of almost 30%. This means my portfolio is worth 30% less than it would if I could have purchased a spot ETF for BTC. How is the SEC protecting me in this scenario? I am a resident of the state of Texas. Sincerely, Ronald Gerhards M.D.