Mar. 08, 2022
Dear SEC, I am 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. GBTC helps many individuals gain exposure to Bitcoin in a safe and secure manner. Especially if one does not have the technical knowledge to buy BTC on the open market. Having ETFs that only hold Future Contracts is misleading as one never truly has exposure to real BTC, just some paper that says one can buy or sell BTC at a predetermined price. A true Spot BTC ETF will allow one to actually have exposure to true BTC, not some contract. Not allowing this conversion to happen causes more harm to the everyday investor than if the conversion were allowed to happen. I hope the SEC reconsiders their position and finally allows GBTC to convert to a Spot BTC ETF. Sincerely, Francisco X Martinez