Apr. 22, 2022
Dear SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. Last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. The futures-backed Bitcoin ETF is riddled with rollover fees and degrades value to make profits for middlemen. Most consumers are not going to understand how much it is costing them to use a futures-backed Bitcoin ETF. I'm buying GBTC because I don't want to deal with bitcoin wallets or exchanges which can be hacked. I want a secure and easy way to hold bitcoin. I'm already able to invest in bitcoin through GBTC, so why shouldn't I have access to a less volatile version? A spot bitcoin ETF would stop GBTC from having a premium or discount, which would remove the second level of volatility. I’m writing from Florida, with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of investors. Sincerely, James DiCesare