Mar. 01, 2022
To whom it may concern, Please strongly consider the benefits of converting GBTC into a spot EFT, it is my belief this will benefit millions of investors such as myself. GBTC is currently trading at a discount to its NAV, which means the price of GBTC is less than the price of the physical asset, Bitcoin. One of the benefits of converting GBTC into an ETF is it would allow for shares to be arbitraged by authorized participants through simultaneous creations and redemptions – a core feature of the ETF wrapper. This would cause shares trading at a discount to better reflect NAV, and thus protect me, the investor. The SEC also approved several futures-based Bitcoin ETFs, but subsequently rejected several Bitcoin Spot ETF applications. This is inconsistent. I strongly believe that the SEC should approve a spot-based Bitcoin ETF, allowing investors, like myself, a choice over which product best meets their investment needs. To do otherwise would go against the SEC’s core mission of protecting investors like me. Futures based ETFs have tracking error due to contract rolls. GBTC has proven reliable as a Bitcoin manager. The market needs a liquid, low fee, tradeable SPOT exposure to bitcoin, as it has with many other commodities. There is no reason to further delay or deny this application and to do so reflects poor judgment at the SEC. Thank you, Mike