Feb. 25, 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'm currently a resident of Oregon and want to have my voice heard on this matter. The negative roll yield on the only present alternative (the Futures Based BTC ETFs) are so costly to implement that it often under-performs just holding the asset spot, from a net perspective. I don't quite understand how exposing and funneling retail investors to a product that is by all metrics worse, more costly and more convoluted than a spot BTC ETF is "protecting" them. Facilitating free, fair, safe and inclusive markets is the duty of the SEC and by all means not giving investors the option to make a risk and allocation assessment vs. two like-products is against the duty of your office and the will of the American people. This inaction may cause the unintended side-effect of stifling innovation domestically and further pushing our critical problem solvers and investors away from this great nation. I hope this matter is taken with a bit more seriousness and the right thing is done by allowing the American people their right to choose financial products by opening up and further endorsing competition in this rapidly-growing space. Sincerely, Brady S.