Mar. 28, 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 an engineer by profession and not particularly involved in the financial world beyond it being a hobby and interest for the future well-being of my family. I am a W-2 employee that regularly contributes to a 401k with the ability to self-direct my investments at my discretion. One of those investments I have elected to contribute to is the Grayscale Bitcoin Trust (GBTC). I believe Bitcoin as an investment can be a responsible move for average investors as a small part of a portfolio allocation as a hedge against unforeseen market conditions. This investment has given me and many more like me an increased feeling of hope of a comfortable retirement future. GBTC has continuously been trading at wild discounts and premiums to the NAV of the product which has made the investment of this platform inconsistent for the average investor. The futures ETF that was approved does not have any value to people who wish to purchase shares of the “physical” underlying asset. As an average investor, I want to invest in a product that holds the underlying asset and do not want to invest in a product that is subject to contago bleed that underperforms the tracked asset. It seems only the large funds are able to benefit from that structure. I appreciate your time in considering this proposal. Sincerely, Alex Dennis