Feb. 22, 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. I am trying to understand how you are protecting investors by not allowing a 40billion closed end fund to become an ETF and hence allowing it to trade at a huge discount to NAV just because Bitcoin doesn't trade on a regulated exchange. At the end of the day if you wish to redeem or create an ETF you don't depend on a market spot price you only care about being able to deliver or receive the components so the argument of not trading on a regulated exchange shouldn't really matter. I reside in New York State, Sincerely, Peter German