Feb. 28, 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 understand that the SEC takes its responsibility to protect investors very seriously. And I appreciate that. Thank you for all you do. Regrettably the SEC’s slow response to allow for GBTC to be converted into an ETF for Bitcoin is causing me harm. As a working class person it is rare for me to have exposure to an asset of the quality of Bitcoin. And while I am free to purchase small amounts of Bitcoin from exchanges and save it. The majority of my wealth is in my 401k, an investment vehicle that does not allow me to allocate directly to Bitcoin. My only option was an allocation to GBTC. That allocation represents my largest position in Bitcoin. A very hard earned position that I’ve spent decades building. The delay in allowing GBTC to convert to an ETF results in a value disparity of my investment that is significant, frustrating, and material. GBTC currently trades at a negative premium as a result of what seems to be regulatory interference. That is not an accusation, but a fair observation. The SEC’s refusal to allow GBTC to convert into an ETF is having a negative impact on me personally. The SECs concern over the manipulation of Bitcoin is overstated. Other nations have already approved Bitcoin ETFs. Bitcoin is a public ledger that is transparent. And a futures ETF has already been approved. I’m not sure what the hold up is. I appreciate your desire to keep investors safe. Your position on the ETF in my opinion is not keeping my investment safe. I appreciate the opportunity to voice my position in the matter. Thank you for hearing me out. Sincerely, Anthony von Dessauer