Apr. 22, 2022
Dear SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to a spot Bitcoin ETF. Last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. It is widely known that the futures ETF product is utilized by institutional traders and hedge funds for price manipulation and quasi gambling where a spot ETF would be utilized by everyday people like myself looking to build wealth and especially to be able to retire with dignity. By continuing to reject the Grayscale conversion to a spot ETF you continue to punish me with a discount to NAV on my trust share holdings and higher than necessary management fees of my trust share holdings. If you are truly an organization that was created to protect investors than please approve this conversion to a spot ETF today. Why continue to financially harm everyday working people trying to build wealth? I’m writing from Pennsylvania with gratitude for the opportunity to express my view to you and with the hope and expectation that you will approve this conversion and protect the interest of investors. Sincerely, Michael Conroy