Apr. 07, 2022
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. 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. First, I reside in Alaska and have been an investor (stocks, options, metals, 401k, real estate, etc…) a long time. U.S. Investors need a more secure bitcoin investment vehicle. Much has been lost using new technology wallets and trying to send payments to bad addresses. Grayscale has amassed 3% of all bitcoin mined while being a staunch supporter of crypto assets and working with the SEC at the same time. Having access to a physically backed bitcoin ETF traded on major U.S exchanges would remove alot of the user error process with wallets and bad exchanges. In turn, this would also provide less headache for the SEC seeking out and suing bad exchanges/ actors. Risk? Everywhere you look in the stock market, especially with leverage and options, the fine print states investments are risky. Example: Shopify (SHOP) recently dropped @70% from it’s high loosing ~$150B in market cap, yet we can still trade it. Need: The SEC needs to provide investors with a solid, legitimate bitcoin etf product. The current bitcoin futures product creates far more risk than a physically backed bitcoin etf ever would, besides the bitcoin futures could be used as a hedge for the physical bitcoin etf. Let the U.S join several countries who already provide bitcoin etfs for investors! Sincerely, Robert DeSylva Sent from my iPad Pro