Feb. 22, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. While I’m glad you approved a futures-based ETF a few months ago as a first step, I feel it is important to have a spot-based ETF as well. Futures ETFs suffer from very high transaction costs associated with rolling the futures forward constantly, as well as from contango. From a consumer protection standpoint, a spot-based ETF is actually much better at controlling costs and at actually tracking the value of the underlying exposure than futures-based ETFs. I live in the state of New York and can be reached at this email address with any comments or concerns. Thank you. Sincerely, Eric Alarcon