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 am not at all comfortable with futures as a proxy for Bitcoin. Since they are paper trades and not settled by Bitcoin, they only serve hedge funds. Regular people need a spot ETF so they can trust that their investment will actually appreciate as Bitcoin appreciates. As long as Grayscale has proof of reserves, I am comfortable with their model. Spot ETF allows regular investors true exposure to Bitcoin without the vampire fees that come with a trust or with the future rollover. Sincerely, Thomas O'Brien