May. 06, 2022
Dear SEC, I am writing to you from Carrboro, North Carolina.???? I own a significant amount of GBTC. I write to give wholehearted support for conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. By not allowing a spot Bitcoin ETF, the SEC seems to be more protective of incumbent industry rather than me as the investor.?????? The SEC is not ???protecting??? me when a spot Bitcoin ETF would provide lower fees and greater stability (i.e., no huge swings of a discount or premium to NAV that is a drawback of a closed end fund). It does not make sense why there is a futures Bitcoin ETF, but no spot ETF. Please reconsider your past decisions and please approve a spot Bitcoin ETF.?? This would offer the best protection for investors according to the SEC???s mission. Sincerely, Len Conapinski