May. 06, 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. I am an investor in GBTC as I want exposure to Bitcoin in my IRA and taxable brokerage accounts. It seems crazy to me that the only option for a Bitcoin etf is to use a version that references futures versus spot. Futures etfs have additional risks from decay, roll down, roll up, etc. that I do not want to take. Since these futures contracts already reference spot Bitcoin I think it makes more sense for us retail investors to remove the other “futures” related risks and simply have an option of a spot Bitcoin etf. The added liquidity of a Bitcoin etf, and the create/redeem mechanisms would also mostly remove the premium/discount to NAV issues that the current GBTC closed end fund has had since inception. As a retail investor I want this risk as a small portion of my investment portfolio. Sincerely, John Withrow