Apr. 22, 2022
Dear SEC, As a GBTC shareholder I am in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. As an OTC security I have less rather than more protection, transparency,and liquidity. Last October, you approved futures-backed Bitcoin ETFs, but those products also have cost issues due to the price and inaccuracy in futures markets. the discount to NAV in GBTC has been around 25%, on average, this year. Approving the ETF would increase liquidity and help shareholders, like myself,a California Resident. James Miller, CPCU James Miller Insurance Agency, Inc.