May. 09, 2022
Dear SEC, I'm writing to support the conversion of Grayscale Bitcoin Trust (symbol: GBTC) to the first Spot Bitcoin ETF in the United States. A Spot Bitcoin ETF would allow investors to: Diversify their investment portfolio into the most reputable cryptocurrency Invest in a product that directly tracks the price of Bitcoin without having to hold Bitcoin Own Bitcoin in the same way they own many other investable assets Investing in Bitcoin is no less risky than investing in individual stocks. GBTC as-is already allows to invest in Bitcoin, only having greater fees than if it were an ETF and having increased volatility compared to the price of Bitcoin. GBTC as a Spot ETF would: Decrease the management fees Track properly the price of Bitcoin I am a resident of the state of California. Sincerely, Franck Murialdo