Apr. 27, 2022
To Whom it May Concern at the SEC, I am writing in support of the conversion of GBTC into a Bitcoin ETF. Investors need an asset that holds actual bitcoin securely. They need such a bitcoin investment vehicle that is securely custodied and transacted in their brokerage account. GBTC (Grayscale Bitcoin Trust) has a large asset base, is widely owned and has demonstrated good account security. GBTC has traded a very large discount to NAV for quite a long time. Converting to an ETF would allow investors to have their asset valued at its actual market price. GBTC's management fee would be markedly reduced upon conversion. These are all benefits for current shareholders and future prospective shareholders. I support the conversion of GBTC to an ETF Peter Quigley