Apr. 27, 2022
Dear SEC, I am a recently-retired non-professional investor from the Midwest, and I am writing on behalf of my family to urge you to approve the conversion of the Grayscale Bitcoin Trust to a Spot Bitcoin ETF. My family initially invested in GBTC specifically because it was the only option available to invest in actual Bitcoin through a trusted online brokerage, avoiding futures-based products which we didn’t truly understand, and the uncertainties of using unfamiliar online apps (and the need to connect these untrusted apps directly to our bank account). In addition, we felt GBTC was a much more secure option for small investors to safeguard their investment from hacking, etc. We believe that the SEC, although no doubt well-meaning, has penalized small investors that do not have the resources to utilize and understand more esoteric ways to purchase and safely hold digital assets and consequently, the SEC’s lack of action on the conversion of GBTC to an ETF structure has artificially devalued our investment. For these reasons, we would ask that you please consider as soon as possible Grayscale’s request for conversion of GBTC to a spot Bitcoin ETF. Sincerely, Scott Smith