Apr. 22, 2022
The SEC is mandated to protect investors and by converting GBTC to an ETF it would be doing exactly that. As someone who purchased GBTC at a slight premium I didn't realize the price of the trust's shares could swing more wildly and with far more volatility than the underlying asset. At the time of this writing the GBTC discount to spot is over 20% and many investors myself included are now under water by that amount simply due to the current structure rather than fluctuations in spot Bitcoin. Converting to an ETF would be a far safer and a more reliable mechanism to get exposure to Bitcoin than the current trust structure which has been quite harmful to many investors, especially retail. -- Christopher Spector