Feb. 25, 2022
To whom it may concern, I think it is worthwhile for the SEC to consider a Spot ETF on Bitcoin. Many countries, such as Canada have already allowed for the trading of a BTC spot ETF. Grayscale's GBTC has been around for awhile, and with many investors. Unfortunately, because of a lack of ruling on BTC spot ETFs here in the U.S., Grayscale faces no competition that would force it to lower its fees for the GBTC holders...currently at 2%. Additionally, because of the redemption process, GBTC currently trades at a significant discount to net asset value. The SEC would be looking out for GBTC investors, if they allowed for a Spot ETF, as with that approval, GBTC could be converted to a Spot ETF, the NAV should theoretically close, and the fees would come down given the competition to come from other Spot BTC ETFs. Please consider approval of a spot BTC ETF. All the best, Quang Dang