Feb. 14, 2022
Dear SEC. As a holder of $GBTC in my retirement accounts, I am writing to request that you allow the conversion of the trust to a spot ETF with haste. As the government agency dedicated to protection of investors, I find it troubling that this has not already been allowed. From the outside, it appears that the approval of Futures based products and the rejection of the $GBTC product is nothing more than a preferential treatment of large institutions over retail investors. This significantly harms your reputation, the proper functioning of the market and, most importantly, individual investors like me. Allowing a trust that should be pegged to the spot price to float so severely above and below NAV is a direct affront to retail investors and well intentioned retirement savers. There is no logic to withholding this any longer. Frankly, I’m disappointed to have to write this email. The time has come to protect investors by allowing the conversion of $GBTC to a spot ETF. Tim Bantle