Jun. 06, 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. GBTC is run by a respected company and provides access to Bitcoin investment exposure which may be traded via various traditional finance platforms. This enables customers to use well established trading platforms with clear custody legal frameworks established and reduces risk to investors in the face of uncertainty of custody of Bitcoin assets in the event of an exchange bankruptcy. Additionally, as the SEC has approved futures ETF for Bitcoin, the SEC has established that the underlying property traded is valid for trading. Additionally, an ETF will reduce fees to the customer and enable closer tracking to the underlying value of Bitcoin. Uncertainty brought by the lack of approval of conversion of GBTC to an ETF from the SEC has indeed hurt and continues to hurt investors in BTC as the discount has been growing with time. I respectfully request that the GBTC application be reviewed in a timely manner and the SEC work with Greyscale in order to enable a transition of GBTC from an over the counter product to an ETF. Thank You for your consideration. Sincerely Saurabh Suman