March 3, 2022
I'm writing in to support the GBTC proposal for a conversion to a spot Bitcoin ETF.
Please consider based on the following reasons:
- The Bitcoin futures ETF does not provide me an efficient way to invest in Bitcoin via a publicly traded security as it has price deviations of up to 10% over time
- I request many ways to gain exposure to Bitcoin in my investment accounts have certain restrictions (aside from futures ETFs).
- I do not want to bother settings up a wallet to buy BTC
- Most importantly, I'm confused why the concern with the spot pricing of Bitcoin is a reason to reject the proposal. The already approved BTC futures ETF is priced based on spot BTC pricing from the same exchanges that GBTC is/will use (please address this point specifically). If you've already approved a futures based ETF then you should approve the GBTC proposal.