May. 06, 2022
Dear SEC, I'm a shareholder of GBTC and I want to voice my support of turning the Grayscale Bitcoin Trust into an ETF. I've held a position in GBTC for years now and I'd love to liquidate it for actual Bitcoin to avoid GBTC's 2% annual fee, but I can't justify doing so with the negative premium. Turning GBTC into a proper ETF would at least allow me and others to arbitrage the difference. I've seen the comments and reasons for denials on other Bitcoin ETFs and they simply aren't relevant any more. Other countries have proper Bitcoin ETFs and they are working fine -- Bitcoin's volatility isn't an issue and there's no evidence that anyone is manipulating them. Why is it that the USA only gets cash settled futures instead of a proper ETF settled in the underlying asset? GBTC strikes me as the most trustworthy entity that exists right now to run a Bitcoin ETF. Sincerely, Ira Gardner-Morse Resident of Vermont