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. I manage operations for an advisor investment platform. Many advisors have requested for exposure to crypto assets, especially BTC and ETH, in a vehicle that trades efficiently within the constructs of our regulated capital markets. We have a relationship with a third-part asset manager that uses a proprietary volatility overlay algorithm to signal whether to be long an asset or revert to cash. The current structure of GBTC and inherent price dislocations does not provide for efficient exposure to spot BTC and as a result advisors and their clients are taking the matter into their won hands and buying direct through firms such as Coinbase or Gemini. Neither firm offers advisors and their clients the protections offered under SIPC/FINRA or FDIC. GBTC as an ETF will result in a much more efficient exposure to BTC and other crypto assets. Sincerely, Marc van Rijssen Marc van Rijssen Director of Operations