May. 14, 2022
Dear SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) — the world’s largest publicly-traded cryptocurrency fund — to an ETF. By not approving this conversion, you are not protecting me, the investor – the very person you were appointed to protect. Last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. These futures backed ETFs contain many more layers of fees than a spot based ETF and by pursuing this arbitrary and capricious regulatory regime, it seems that you are more interested in protecting Wall Street fees than the economic interests of ordinary investors, like myself. I’m writing from California, 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, David Merin