May. 06, 2022
Dear SEC, I write to you as a long-term GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) — the world’s largest publicly-traded cryptocurrency fund — to an ETF. The failure to approve this conversion does not protect individual investors and is not consistent with other ETF approvals. In Canada, spot Bitcoin ETFs are already available. In the USA, futures-backed Bitcoin ETFs have been approved. Both vehicles are tools for investors to gain exposure to the underlying asset, Bitcoin. However, in order to facilitate the most efficient market possible, investors - especially those not afforded "accredited investor" status, should be allowed access to the most efficient investment vehicles available. Low-cost ETFs investing directly in the asset represent the best opportunity to track the underlying asset. I’m writing from Washington State, with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of investors. Sincerely, Rhonda Wilson