Apr. 2, 2022
Dear SEC, I’m writing to request that you approve the conversion of Grayscale Bitcoin Trust (GBTC) to a Spot Bitcoin ETF. I see all forms of ridiculous ETFs come to the market on a regular basis but not a much needed one for a Spot ETF for Bitcoin. The common excuse that I hear on financial networks is that the SEC is concerned about the welfare and protection of the consumer. That excuse is laughable because by not allowing a Spot ETF for Bitcoin, the SEC is in fact hurting the average investor. The average investor like me wants to participate in investing in this new asset class but is forced to find other avenues to do it. I bought GBTC a while back at a premium and now it sells at a discount. I have, therefore, lost value just by holding the only bitcoin investing vehicle available through my broker just because there is no Spot Bitcoin ETF approved here in the US. As you know, there are Spot Bitcoin ETFs available in Canada, however. Perhaps the SEC can seek guidance from their Canadian counterparts to address any legitimate concerns they have for a Spot Bitcoin ETF. Please approve the conversion of Grayscale Bitcoin Trust (GBTC) to a Spot Bitcoin ETF for the benefit of average investors like me. Sincerely, Abdul Hassan