February 18, 2022
I support the SEC allowing bitcoin spot ETFs in general. I specifically support the Grayscale application. I am a Grayscale Bitcoin investor in several individual and corporate accounts. The SEC is not protecting my interests as an investor. The Grayscale product trades at a significant discount to the assets held in the trust. I purchased it when the NAV was at a premium. It would be in all investors interest to have a spot BTC product that trades daily at par to the assets held.
Furthermore another product the SEC has allowed is similarly inferior for investor interests. The futures bitcoin product BITO which I own is a derivative investment product. It has terrible fees and holding costs for a longterm investor.
Between GBTC and BITO I dont know which of the SEC approved products is worse for long term investor. The remedy for me as an individual investor is approving the Grayscale and other spot bitcoin ETF applications. This action is long overdue.
Sincerely,
Michael Laukitis