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 have been an investor in GBTC in my 401K for over 2 years and believe that a SPOT ETF would be a much better vehicle to allow the general public to invest in as opposed to a trust or futures ETF. Most of the futures ETF products are costly to everyday investors in terms of the money lost rolling over contracts, lack of accurate tracking etc. The current trust product Grayscale offers is also a costlier option with higher fees and not as accurate of tracking to the underlying bitcoin. The fact that spot funds are only available to accredited investors through the likes of Skybridge and other hedge funds is another disadvantage for everyday investors. Please consider allowing the conversion for those of us who want a long term low cost way to have Bitcoin exposure in our portfolios. Sincerely, Nick Petek