May. 03, 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. The risk profile for an instrument with direct spot exposure versus futures contracts has little to no risk difference, it simply keeps an intermediary in the center which adds no value in risk reduction. This is inevitable and it is puzzling why this is something you would not support. Thanks for the consideration. Richard Walker