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. It seems unreasonable that there is no Spot ETF Bitcoin product in the US. Many countries have the product available without issues. The current futures backed ETF approach doesn’t make sense for long-term investors due to the fees and backwardation. The US should not lag behind other countries in innovation and should allow investors the opportunity to own a spot product in Bitcoin ETFs similar to other ETFs. Our current approach actually harms investors. Sincerely, Dean and Nancy Ferb