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 think by not allowing a physically backed or spot Bitcoin ETF product that the regulatory bodies—including the SEC – are categorically NOT acting in the best interest of the investment public, ie consumers. The current futures based ETF products do not track the underlying asset – Bitcoin—nearly as closely as a physically backed or spot ETF would. Furthermore, the futures based ETF products cause the consumer to incur significantly higher costs than the spot ETF product would. These costs are a function of rolling over futures to current dates each month and the fact that in nearly all instances these longer dated futures trade at a higher cost than the current future, ie cost of rolling the futures contract each month. Bottom line, I strongly believe that the SEC should approve a spot based Bitcoin ETF which would give investors access to the most efficient and cheapest way to track the underlying asset—Bitcoin. I am a resident of Connecticut. Sincerely, Daniel S. Jurkowitz