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 NY state and truly don’t understand why you are not allowing GBTC to become an actively traded ETF which would trade in line with the spot value of the asset vs a futures contract which clearly works against the underlying investor. This has been seen in many ETF’s, where the holder has a depreciating asset that needs to pay roll costs to continue exposure and has professional traders (bank lobby) working against them. GBTC holds the asset, this is not a leveraged instrument, clearly there is politics woking behind the scene to allow a futures related ETF which is hurting the investors who you claim you are protecting. I have watched with amazement the approval of 2 and 3x leveraged assets over the years, these make there way into retail hands along with futures based products which again shoot again the underlying holders. As a current holder of GBTC I have an asset that is trading significantly under its value because it has not be permitted to convert to an ETF. Why was the trust allowed to list in the first place if you had questions with the underlying? I look forward to your response. Sincerely, Steve Moses