Mar. 18, 2022
Dear Sir, I support a rule change to convert GBTC to a Spot ETF to be listed on the NYSE. Reasons being: 1) A Spot ETF is a much better vehicle to gain direct exposure to Bitcoin than the already approved Future ETF. It's most certainly a more suitable product for retail investors than a Futures ETF, which ironically have been approved. 2) GBTC may more efficiently track the price of Bitcoin, effectively eliminating the excessive premiums and discounts. 3) GBTC may greatly reduced its management fees. There are many more reasons which have been proposed by other market participants. The case is very strong for a Spot ETF to be approved, especially now that a Futures ETF has already been approved. I am writing to add a voice to the many market participants that have been clamoring for a Spot ETF to be approved for what seem like ages. Appreciate that SEC expedite the approval process. Regards. Ghwee E.H.