Jun. 14, 2022
To Whom it may concern: I am a stakeholder in GBTC Bitcoin and ETHE trusts. I along with the rest of the retail, and I suspect institutional investors would like to see these Grayscale trusts converted to ETF’s for several reasons. 1) The creation of the futures ETF has allowed for market manipulation by institutional investors, while leaving retail investors, who buy on the exchange and through the Grayscale trust, out in the cold. Participation in a new asset class by some can only be afforded through instruments like the trust when buying with an IRA of 401K. The adoption of the futures trust has tilted the playing field toward the big investors while retail investors through the trust are paying 2 percent yearly fee. It is time to level the playing field for everyone. The trust is at around 25% below NAV, which means investors in the trust are continuing to get diluted with fees. Please do the right thing and convert grayscale to a Spot ETF the way other trusts have been in Canada. It feels like owners of the trust are being punished.