May. 06, 2022
To Whom it may concern, I strongly advocate for the SEC to approve Grayscale's request to convert GBTC to an ETF. An ETF will more appropriately track the underlying asset, Bitcoin, compared to the current Trust structure, and therefore offers greater protection to consumers. Bitcoin is auditable, allowing for proof of reserves/holdings. This makes it an ideal candidate for an ETF. Volatility of the underlying asset is not an excuse to reject this proposal. Anyone that invests in bitcoin already understands the volatility of the asset. Sincerely, Adam Tosh