May. 06, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (GBTC) to the first Spot Bitcoin ETF in the United States. I am a resident of Tennessee, and I hold shares of GBTC in an IRA. I like being exposed to the crypto space and see Bitcoin as a long-term global asset. Approving GBTC as an ETF would allow the fund to track Bitcoin’s spot price more closely, bring additional investment to the asset class, and would open up convenient ways of hedging my Bitcoin exposure via options. I also think it's time for a Bitcoin spot ETF to exist given that several futures-based Bitcoin ETFs already exist. Please approve the conversion, and thank you for your consideration. Justin H.