Apr. 22, 2022
To Whom It May Concern, I am writing to you today to ask that the SEC strongly consider approving the conversion of Grayscale Bitcoin Trust into a Bitcoin ETF. Although many investors might like exposure to the Bitcoin Futures market, I believe most investors and institutions want SEC-regulated, SEC-approved exposure to Bitcoin itself. Most investors don't understand that they're holding a futures-backed instrument, and that it comes with distinctly different risks which a spot ETF would not. An approved spot ETF offers confidence and a better risk profile. Like commodities ETFs, it removes the burden of managing custody of the underlying asset itself, which can be complex and costly, opening access to this asset to vastly more market participation. Bitcoin, cryptocurrency and blockchain technologies are the way of the future. Please keep the United States competitive and innovative. Thank you, Bruce Flowers