May 23, 2022
Dear Ms. Countryman, This letter is in regard to the Grayscale Bitcoin Trust (GBTC) conversion from a trust into a Spot price ETF filed with you (Form 19b-4). There have been many Bitcoin ETF's approved recently, GBTC is one of the longest running tradeable funds if not the first for bitcoin. Grayscale has run this fund to the highest standards and has provided complete clarity during the management of this fund. With the current market conditions of other approved etfs the GBTC price is being suppressed in upwards of 30%. It would be in the best interests of the SEC to approve this transition to protect shareholders to trade at fair market value. SIncerely, Karl Knutson