Jun. 03, 2022
I am commenting in support of approving the application to convert GBTC to an ETF. This change would be in the best interest of investors as it would improve liquidity, expand access to an alternative asset class for the purposes of diversification within brokerage accounts, retirement accounts, etc., and allow the fund to better track its NAV in the market. The current structure of the fund does not serve investors as it causes the fund to trade at a discount, increases costs, and adds overall risk above and beyond the underlying assets. The lack of a currently approved ETF that holds Bitcoin directly also forces investors who wish to add Bitcoin exposure to their portfolios to deal with unregulated exchanges, face the responsibility and challenge of securely holding Bitcoin (opening them up to the risk of loss or fraud), and deal with complex tax documentation requirements. Currently, the SEC is the only thing standing between investors and more efficient, safe, and accessible access to Bitcoin as one element of a diversified portfolio. I urge you to approve the application.