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 own GBTC personally. I???ve heard the arguments that somehow a spot bitcoin ETFs would be less safe than the futures products already approved but they???re not persuasive.?? The SEC appears to be working to the detriment of the US public rather than to its benefit.?? The public will be substantially benefitted by having GBTC converted to an ETF as the substantial discount that currently exists will likely be eliminated. directly benefitting all the owners.?? There aren???t many instances where the government can put money in the public???s pocket without incurring a cost but this is one of them. Long-term the public will benefit more from a product that tracks its underlying asset value closely rather than loosely as it does now or only roughly with the futures ETFs.?? Bitcoin is volatile enough without adding premium/discount risks or tracking error on top of it. Sincerely, Luke M. Lambert