February 15, 2022
Please approve the conversion of the GBTC to an ETF. It is in the best interest of investors as it would lead to lower annual expense ratio, more liquidity and ease of access for retail investors to gain exposure to spot Bitcoin within brokerage accounts at trusted custodians and asset managers.
Many other developed countries have already established and provided access to bitcoin ETF. The United States of America should be leading the way on innovation within the financial markets, specifically digital assets and the cryptography sector. This is the future of finance and the conversion of GBTC to an ETF will be crucial to ensuring our country continues to lead the way in this future.
After reviewing the proposed NYSE ARCA Filing, the structure of the fund is almost identical to existing commodity based ETFs such as the SPDR Gold Trust (GLD) and Ishares Gold Trust (IAU). These exchange traded funds have allowed for retail and institutional investors to allocate capital within brokerage accounts in a low cost, efficient way for the better part of the last 20 years. Now is the time to convert the Grayscale Bitcoin Trust to an ETF as continued adoption accelerates.
Thank you for your consideration.