Feb. 22, 2022
Good day, I own shares of GBTC in my retirement portfolio and the current discount to NAV is damaging to my long-term financial stability. A conversion to a Spot Bitcoin ETF would more efficiently track the price of bitcoin and allow the Grayscale fees to drop from their obnoxiously high levels. I understand that you approved BITO and BTF because the CME futures markets are more regulated, but I'd argue that they are significantly more damaging and misleading to the everyday-investor due to tracking errors. I'm at the point where I'd rather just take my $6k annual Roth contributions to Gemini and buy the underlying. Please approve GBTC's conversion to a Spot Bitcoin ETF so the everyday investor can benefit from Bitcoin in their retirement and brokerage accounts. -- Very Respectfully,