May 23, 2022
Dear U.S. Securities and Exchange Commission, I am writing to voice my support for the conversion of Grayscale's GBTC to a spot ETF. There are two benefits to doing so from the standpoint of the individual investor. First, and most obviously, the spot ETF would reduce fees (currently 2% for GBTC). Second, the ETF allows investors to maintain some exposure to a new and increasingly important asset class without the risks inherent in these same investors all separately maintaining their own digital wallets. This reduces the likelihood of investor funds being lost due to fraud, malicious tampering, or even simple user error (e.g. lost private keys or recovery phrases). It offers this increased level of security to the investor without the de facto 2% penalty of investing in BTC via GBTC. In sum, a BTC spot ETF is cheaper and safer for investors who have already decided to include crypto assets in their investment portfolios. Best regards, Matt MacArthur