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 a Massachusetts investor. My undergraduate degree was in Economics and my professional career has been focused on technology consulting. I have researched Bitcoin since 2014 and I believe in its long term potential as a disrupting global financial instrument and store of value (albeit very volatile.) I am also aware Bitcoin, like stocks, could “crash” or “go to zero” although I personally believe that is very unlikely. All investments have risk. An ETF will provide an efficient way for consumers to own Bitcoin notably in tax-advantaged requirement funds – an appropriate place to hold Bitcoin which should be a long term investment in my opinion given its very high short term volatility. Like GLD removes the need to store gold bars at home or elsewhere at a cost - a bitcoin ETF removes the need to self-custody the Bitcoin which requires technical expertise and expense. From what I have read the SEC is seeking to “protect” investors from risk. The counter argument I have read is the SEC has approved risky ETF instruments such as leveraged (“2x”, “3x”) short ETFs etc.. The SEC has given investors “plenty of rope to hang themselves with” already. I own GBTC in retirement accounts. Currently there is a large discount and significant management fee (2%). I am willing to accept that since I believe in Bitcoin’s future. That said, many people believe that the discount will disappear and Greyscale has stated it will reduce the management fee once the spot ETF is approved. Therefore NOT approving the ETF is hurting me and many other GBTC investors. I hope the SEC will approve the spot Bitcoin ETF which is already available in several countries. Thank you for your consideration. Sincerely, Christopher Simo Norwell, MA