May. 07, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. As the Chief Investment Officer at a $1 billion+ RIA, we believe it is prudent to allow the conversion of GBTC to an ETF. The dislocation in premiums and discounts in the current format does not protect investors from the underlying intent of the investment - simple bitcoin exposure. Please allow this conversion so investors can have easier access to the asset class. John Phillips Red Door Wealth Management