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 very strange that there is no Spot ETF Bitcoin product in the US. Many countries have the product available and have no issues with it. The current futures backed ETF approach is terrible for long-term investors due to the fees+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. In the end, our current approach only harms investors and benefits Wall Street. Please give investors the choice of the type of ETFs to invest in (Spot or Futures based). Sincerely, Prakash Chaudhari , Dhamma Holdings llc Account with TD ameritrade.