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’ve been a professional financial advisor for over 38 years and believe that an exchange traded fund (ETF) that invests in bitcoin in the spot market would be in the best interests of the retail investor wanting to invest in this asset. The current US bitcoin ETF that utilizes the futures market is not an efficient or effective way for retail investors to buy and hold bitcoin based on my experience with similar ETFs that invest in other assets. The “real” costs alone of the futures-based product is extremely high and will likely underperform the spot price significantly over time. Sincerely, Art Nunes