February 12, 2022
Dear SEC,
My understanding is that it is your mandate to protect investors. There are two areas where I am not being protected:
1. Right now my shares of GBTC are trading at a substantial discount to book value due to the fact that GBTC is not a spot ETF. ETF status will close the discount and keep the price closer to NAV.
2. I want to have direct ownership of Bitcoin via a spot ETF because I don't want to have full ownership rights and benefits take possession of the underlying asset. I don't want to buy gold coins that can be stolen - I want GLD ETF. I don't want to have to safeguard Bitcoin keys and worry about it being lost or stolen. Grayscale
Bitcoin spot ETF gives me safe ownership.
3. GBTC is not SEC-registered and it trades on OTC. I would feel more protected if we had GBTC as an SEC-registered Spot ETF.
It is clearly in the best interest of the public for you to allow GBTC to be a spot ETF.
Thank you for your consideration.