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. The SEC’s reasoning behind not authorizing this change does not hold water. There is already a spot ETF for both silver and gold….both of which are commodities that trade around the world in many systems not regulated by the SEC. I can even buy gold on eBay…does the SEC regulate the sale of gold on eBay? Of course not…yet you say the reason there cannot be a spot Bitcoin ETF at this time, is that it trades on exchanges not regulated by the SEC. This is total bulls*t. Many people have a substantial portion of their investible assets in IRA plans that make holding Bitcoin in a self custody manner difficult…GBTC, when converted to a spot ETF fixes this problem. Sincerely, Vincent Welter, M.D.