May. 06, 2022
Dear SEC, I write to you as a GBTC shareholder. By not approving this conversion, you are not protecting me, the investor – the very person you were appointed to protect. Last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. Given that investors use both vehicles to gain exposure to the same underlying asset, Bitcoin—from which both vehicles derive their prices—we, as investors, should be able to choose if we’d like direct or futures-based exposure to that asset. Furthermore, the discount to NAV in GBTC has been around 25%, and by not allowing the transfer to an ETF we have little protection to invest in an asset being adopted all over the world. We want to have an ETF tied to the price of BTC. Not tied to a moderate portion of investors' value of BTC via market demand for said fund. 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 US Citizens. Stay Healthy, Mr. Heitkotter