May. 05, 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. I reside in the great state of Maryland. Converting GBTC to an ETF would be very helpful for two main reasons: 1) It would eliminate discounts and premiums currently associated with the GBTC product which has been successfully exploited by hedge funds and high net worth individuals but have left the common investor at a disadvantage. 2) Converting GBTC to an ETF would establish a fair and accurate bitcoin derivative product for millions of people which would be part of the modern portfolio whereby bitcoin - digital property could be held without having knowledge of holding private keys and cold/hit storage. Holding this type of investment (GBTC ETF) protects the investor and allows exposure to bitcoin which could act as an investment hedge or be a true long term investment for the bitcoin believer. Sincerely, Douglas R. Mewshaw