Feb. 23, 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. The SEC's mission is to protect investors and in regard to Bitcoin ETF’s specifically, they are clearly failing by not approving a spot Bitcoin ETF. For investors to get Bitcoin exposure they have to either purchase directly in spot markets where there is risk of hacks or user error, or purchase one of the recently approved futures ETFs which do a terrible job of tracking Bitcoin spot prices, and are very inefficient expense wise due to roll-out costs. Less technologically savvy people are at a serious disadvantage without a spot ETF when they are forced to buy Bitcoin outside of their brokerage account or buy a futures ETF which will always perform worse than the underlying Bitcoin. It amazes me that countries such as Canada have already approved several Spot Bitcoin ETFs, but the US keeps ‘kicking the can down the road’ regarding a decision. I understand the concerns about Bitcoin, but if protecting investors interests are really the main mandate, then a spot market Bitcoin ETF makes so much more sense than a futures-based product, which is probably only appropriate for Institutional investors and speculators. Sincerely, Trever Christian