Mar. 02, 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. As a retiree with a tradition IRA, there is no reasonable way for me to hold Bitcoin directly. GBTC is an excellent surrogate for Bitcoin, however, it tends to sell at a discount vs.it’s true value leading to increased volatility of an already volatile asset. Allowing GBTC to convert to a Spot ETF would eliminate this additional volatility and allow retirees like myself to participate in this new investment technology. Additional, the SEC has already approved a futures-based Bitcoin ETF, the approval of a physically backed or “spot” Bitcoin ETF would allow more investment options and level the playing field between these two different investment vehicles. There are ETFs available for almost every stock group and commodity and can see no reason why Bitcoin should not have its own ETF. GBTC is ready to proceed upon your approval. Your consideration is greatly appreciated. -- Patrick A. Kellner