Feb. 22, 2022
Hi SEC, My wife and I've held GBTC in our brokerage accounts since 2018. At the time I purchased these trust units, I was looking to gain exposure to Bitcoin without having to self custody. I was concerned about security (hacking, but mostly my own potential for incompetence when dealing with Bitcoin wallets, seed phrases etc). In short, I wanted the security of holding trust units within a brokerage account. The product offered by Grayscale Investments seemed like a good fit. While I am satisfied with my investment in GBTC, things could always be better. Mostly, I would like to see GBTC trade on a national exchange as an ETF, which would lower my investment costs. It would also reduce or eliminate the premium/discount between GBTC and the underlying asset, to holders' benefit. A spot Bitcoin ETF / trust arrangement is fairly straightforward and easy for investors to understand. It's certainly easier to understand than the futures-based Bitcoin ETFs the SEC has already approved. Other jurisdictions have already approved spot Bitcoin ETFs. It's time the United States caught up with this financial innovation. Thank you, Michael Logan