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've worked in financial services for over 15 years and have a strong understanding of markets. By not allowing the fund to convert to an ETF you are actually creating more risk for potential retail investors. GBTC currently remains the easiest vehicle to get an allocation to Bitcoin with but it has severely underperformed the actual performance of bitcoin recently, driving more people into actual Bitcoin rather than GBTC. A retail investor holding bitcoin is a much riskier proposition than a retail investor holding GBTC as an ETF. Furthermore, there are very few options to hold actual bitcoin in retirement accounts, so you are further punishing retail investors who are saving for their retirements but not allowing GBTC to convert to an ETF so it can close the gap it has in NAV to its underlying holdings of bitcoin. Sincerely, Dennis Moody