May 27, 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. Approving GBTC as a spot ETF is the best way to protect American investors who want to invest a portion of their portfolio in the best performing asset of the past decade. The current futures based vehicle (BITO) is terribly inefficient at providing exposure to Bitcoin with high management fees and rolling costs associated with turnover of future contracts. Most other democratic peers (see Canada and EU) have managed to provide access to spot Bitcoin ETF vehicles to their citizens, why does the SEC insist American's fall behind? I urge the SEC to do the right thing and approve the Grayscale GBTC conversion to a spot ETF vehicle. Sincerely, Robert