February 22, 2022
Im writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the worlds largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States.
The futures based Bitcoin products already approved expose investors to risks many don't understand, such as rollover risks. Since Bitcoin's futures curve is typically in contango, the fund is bleeding returns on every rollover. A spot ETF would provide a more direct and transparent investment in Bitcoin.
Sincerely,
Brandon Gillet