May. 08, 2022
Regarding the Grayscale Bitcoin Trust To whom it may concern: I am a shareholder of GBTC. I purchased shares when the trust traded near net asset value. I have been severely hurt by the large discount to NAV that is occurring. I understand that the conversion of the trust to an ETF would solve this issue. I don't understand why the SEC has approved bitcoin ETFs that hold futures, but not spot bitcoin. Allowing GBTC to continue without approval to convert to an ETF hurts investors, and is inconsistent with previous approvals. The SEC should approve GBTC for conversion to an ETF and allow investors a choice over which product suits them best, or do whatever is necessary to allow for redemptions so that the discount disappears. Thank you.