Jun. 06, 2022
Dear SEC, I am Matthew Cole from Michigan and I am in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust (OTCQX: GBTC) – the world’s largest publicly traded crypto asset fund. I have been an investor in GBTC through my Roth IRA for almost 2 years. I am now wondering why I have invested in GBTC when Grayscale has repeatedly asked for a conversion of the trust to a Bitcoin spot ETF and you have not accepted their requests or anyone else's for that matter. I am only asking for fairness as an investor and that you accept Grayscale's request to convert the trust to a Bitcoin spot ETF. The 2% fee that Grayscale charges me and other investors each year will be reduced with the conversion of the trust to a Bitcoin spot ETF. This would further protect the investors like me from high fees each year to manage this trust if it is converted to a Bitcoin spot ETF. The conversion to a spot ETF will unlock $8 billion in investor value which has been lost over the last few years due to the increasing discount. Bitcoin as a spot ETF will trade close to price of Bitcoin which it should to give investors fair value for investing in this trust for so many years. I urge you to approve the Grayscale Bitcoin Trust (GBTC) into the first Bitcoin spot ETF in the United States. Sincerely, Matthew Cole