May. 17, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. By regulating these assets in a fair way, you will make this a safer space for retail investors which should ultimately benefit the US financial system and economy as well. The risk profile for an instrument with direct spot exposure versus futures contracts has little to no risk difference, it simply keeps an intermediary in the center which adds no value in risk reduction. I’m writing from Colorado, with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of investors. The global adoption of Bitcoin as a store of value is inevitable so it is confusing why this would be something you would not support. Thank you for the consideration. Kellen Schauermann