May 24, 2022
Dear SEC commissioners and chairman: As a current investor in GBTC, I encourage you to approve Grayscale’s application to convert to a spot-based ETF. I believe that a product that is backed by actual holdings is safer, more secure, and shielded from manipulation than current futures ETF products. The spot conversion would allow me to indirectly invest in Bitcoin in a retirement account without thinking about premiums and discounts that currently exist in GBTC, as well as enjoying lower management fees. These are positive things not only for myself but many investors. Thank you for your consideration. Frank Rose