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 resident of New York and have 19 years of experience working in financial markets. In my opinion, permitting the launch of a spot bitcoin ETP is the best way to protect investors. Without a spot ETF, investors seeking bitcoin exposure are forced to use a futures ETF, which inherently disadvantages investors due to future contract rolldown, or other alternatives such as a self-custody wallet, which is too complex for many investors, or via an account at a centralized exchange, which exposes investors to significant counterparty risk. While I appreciate the Commission's focus on investor protection, continuing to prevent a spot ETF in practice disadvantages investors by forcing them to choose between alternatives that have greater flaws than those the commission has raised in its previous denials of spot ETF approval. Sincerely, Adam Yarnold