May. 11, 2022
Dear SEC, I’m writing to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (GBTC) to an ETF structure. Futures-backed Bitcoin ETFs have been approved and I don’t see any reason to not approve spot Bitcoin ETFs. Investors use both vehicles to gain exposure to the same underlying asset, i.e. Bitcoin. I think investors should be able to choose what type of exposure they want to access, direct or futures-based. Both have their place in a portfolio. Thank you for the opportunity to express my view on this subject. Sincerely, Stuart Michalk