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 live in North Carolina and would like you to approve the conversion. With several other countries already approving a Bitcoin spot ETF, Americans are at a disadvantage in being able to participate in this asset class. We can only get subpar products with high fees, decay/discount in value over time, or both. Why is an investor able to invest in Bitcoin futures through an ETF but not spot? The risks are pretty much all the same as spot except the investor needs to take on additional risks associated with futures. Thank you for your time and consideration. Sincerely, Chris Liu