Jun. 28, 2022
To Whom It May Concern: I wanted to make an additional comment on my support for the conversion of the GBTC trust to a bitcoin ETF. It's been reported by the media that ProShares is launching an ETF that would allow one to short bitcoin. Therefore, it makes sense that there should be an ETF, which allows one to go long bitcoin. Furthermore, other countries already have a bitcoin ETF. Regards, John Giannetti On Fri, Jun 17, 2022 at 10:07 AM John Giannetti To Whom It May Concern: I'm currently a holder of the GBTC trust, which is currently the only way I can hold exposure to Bitcoin in both my individual brokerage account and my IRA. It's my understanding that Grayscale, the company that issues GBTC has made an application to the SEC to have GBTC converted to a spot ETF. This would be beneficial to both me and other investors, who want to have exposure to Bitcoin. The GBTC does not do a good job of tracking Bitcoin because of inefficiencies in the product. For example, at the current time, GBTC sells at a significant discount to Bitcoin and at other times it trades at a significant premium. A conversion to an ETF would make the product more efficient so it tracks the value of Bitcoin more accurately and would also allow Grayscale to charge lower fees. I think the SEC should approve Grayscale's application to have GBTC be converted to a Bitcoin ETF as this would benefit me and other investors, who want to have exposure to Bitcoin. Regards, John Giannetti