Mar. 14, 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. This is absolutely both necessary and will provide a better service for millions of investors. With the futures ETF already approved and the GBTC trust approved we already have access to Bitcoin exposure. But both are terrible for the investors and benefit the issuers. Having access to spot Bitcoin will enable true exposure without any grey area for both investors and companies working around the unclear regulatory boundaries. Currently GBTC trades at a -30% discount without an option to trade the shares for the underlying asset. In order to protect investors and encourage good actors in the space, we need to provide regulatory clarity that actually benefits everyone involved and that’s why I’m sending this. Sincerely, Thomas Russell