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. Myself and other investors in the United States are missing out on the benefits of a spot Bitcoin EFT. It means that I either have to go to futures ETF which I lose money on in fees and arbitrage, continue to hold gbtc as it is in suffer because of the premium, or have to turn to a foreign Bitcoin ETF. It's logical that if the spot market is being manipulated, that this would affect the futures market as well. The only difference is we have to invest in inferior products or look to foreign ETFs in order to get the same Bitcoin exposure. If an ETF had been approved back at the first application, American investors would have made tremendous profit. Please correct this now as the Bitcoin market has matured enough and the harms to the American investing public for investment alternatives are significant. Sincerely, Eric Miller, PhD, LP