May. 06, 2022
May 6, 2022 Dear SEC, I am a GBTC shareholder in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. Refusing to approve this conversion you are failing in your duties to protect investors like me. In the past, you have approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. Investors use a variety of vehicle to gain exposure to BTC and investors should be able to choose if we’d like direct or futures-based exposure to that asset. Also, the discount reflected in GBTC price is already costing investors one-quarter of their value due to the discount to NAV. GBTC is the world’s largest publicly-traded cryptocurrency fund, with hundreds of millions in daily trading volume with more than 850,000 investors, like me. I’m writing from Florida, with gratitude for the opportunity to express my view to you and with the hope and expectation that you will approve this conversion and protect the interest of investors. Sincerely, Kerri Holm