May. 06, 2022
To whom it may concern, I am writing to encourage the SEC to approve spot bitcoin ETF's including the Grayscale Bitcoin Fund (GBTC). I currently own bitcoin and spot bitcoin, but purposely avoided bitcoin futures ETF's due to variable costs associated with rolling futures contracts. Since investing in the Grayscale Bitcoin fund, the discount to NAV has increased sometimes to as much as 25%. Unfortunately without ETF approval this discount may persist and increase, and investors have no protection from this market disconnect. In fact it is likely that arbitrageurs are taking advantage of this situation to profit from short sales of the GBTC fund, expecting that the SEC will protect them by preventing ETF conversion. I believe that the most responsible and protective action that the SEC can take regarding this matter is to approve spot bitcoin ETF's. Please do your part to protect individual investors from the shrewd interests who are taking advantage of your delays and inaction in approving these ETF's. Sincerely, Matthew Davidson