May. 10, 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 believe that approving Grayscale's application to convert GBTC to a spot ETF is very much in line with the SEC's mission of maintaining fair and efficient markets. I believe there is no rational basis for disallowing a spot-based ETP while allowing a futures-based ETP. I personally hold shares of GBTC in tax-advantaged retirement savings accounts. I am paying more in management fees and have seen my investment suffer a large discount to the spot price, which a positive action by the SEC should help with. I am a resident of Illinois and very much appreciate your prompt attention to this matter. Sincerely, Daniel Puckett