May. 13, 2022
I hold GBTC in multiple retirement accounts. As a GBTC investor, I would like to register my support for converting the fund into an ETF. On the matter of Bitcoin ETF approvals, the SEC's public position has been that it needs to be cautious in order to ensure that it's protecting investors. My question to the SEC would be – protecting investors from what? Many people trade Bitcoin like a stock and can take on massive gains or losses due to its volatility. This is currently true. However, many others see the asset as a long term investment. Over time, no other asset class has outperformed Bitcoin since its inception 13 years ago. Over time, the risk of a Bitcoin investment falls to zero. By "protecting" me from investing in a Bitcoin ETF, you are in fact denying me access to an incredible savings tool in a financial environment where there are few. An ETF is the only method for investing retirement funds (401k, IRA, etc) directly into Bitcoin and not through a proxy (such as a tech company that holds Bitcoin) Converting GBTC to an ETF would also help to correct the asset price so that it trades closer to NAV. Currently, GBTC is trading about 25% below NAV, which harms investors. Canada and other nations have already approved spot Bitcoin ETFs. How much longer will the SEC deny Americans the same investment opportunities? Thank you, Chad Verly