Mar. 01, 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 am a California resident who currently invests in GBTC through my company’s 401k program, and I am concerned that there are Bitcoin ETFs in other countries (e.g. Canada), as well as a Bitcoin futures ETF in the US (BITO), but no spot ETF in the United States. I feel, as an American investor, I am being left behind. Bitcoin was the strongest performing asset of the 2010s, and it only becomes more and more clear every day how important it is, both as a technology and an asset. Furthermore, while I am technologically savvy, and able to own my own Bitcoin outside of my 401k investments, my father, who is interested in Bitcoin, is not comfortable buying it directly on exchanges, or engaging in self-custody. He does, however, know how to use a basic online brokerage platform, and would easily be able to buy shares of a spot Bitcoin ETF, were one available to him. Of all the applicants for a spot Bitcoin ETF, Grayscale makes the most sense - they are, by far, the fund with the biggest Bitcoin holdings. I trust them as my ETF. Thanks for your consideration in the matter. Sincerely, Nicholas Freilich