Feb. 24, 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’s hard to say if I’m confused as to why the SEC hasn’t approved a spot BTC ETF or not surprised considering the broken incentive structure. The SEC has allowed absolutely terrible tradable securities into the market. Take a look at the performance of the SPAC listings and IPOs of 2019-2021. Even the current structure of GBTC is inefficient considering the massive discount to NAV that it trades at. I challenge you to face whatever corruption is influencing you head-on by approving a spot BTC ETF. What group of retail investors is calling your office and asking you not to pass this? Likely, none. Failing to pass a spot BTC ETF is clearly not being done for the protection of the average citizen. Currently, the SEC is harming investors more than the assets you claim to protect us from. I’m willing to bet that you’re capable of correcting this. I’m a citizen of the United States living in Texas. Thank you for your time and consideration. Sincerely, Garrett DiPasquale