May. 15, 2022
Dear SEC, I’m writing as a shareholder to support approving Form 129b-4that NYSE Arca filed for the conversion of Grayscale Bitcoin Trust (Symbol: GBTC) to a Bitcoin Spot ETF. As a resident of California and the United States, I believe the SEC can better protect individual investors like me by turning the Grayscale Bitcoin Trust into a NYSE-traded ETF would broaden access to bitcoin and enhance protections while unlocking up billions in value for investors. Moreover, to not do so, the SEC would be discriminating against issuers by approving Bitcoin Futures ETFs and denying Bitcoin Spot ETFs. Due to issues of contango the Bitcoin Futures ETFs are not as good for the smaller private investor that he SEC is supposed to protect as the Bitcoin Spot ETF GBTC, and yet Bitcoin Futures are already approved . Further the U.S. is supposed to be world financial leaders, yet in other countries BTC ETFs are already trading and approved by regulators. In sum, it is time for the SEC to approve the GBTC ETF conversion, and stop harming small investors by not allowing the enhanced protections and value of Bitcoin Spot ETFs, and stop harming the country by outsourcing capital to foreign countries where spot is already approved. Thanks you for your consideration, Matthew Rubenstein