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 believe Bitcoin and other crypto assets are here to stay. A bitcoin ETF would help solidify it as a new asset class. Other countries have successfully implemented a Bitcoin ETF and many others are in the works. It would be great to see the same opportunity in the U.S. instead of being left behind by this relatively new technology. I understand concerns about price manipulation. It makes me wonder, what steps have been taken to mitigate risk with all the other assets that are currently being traded? Some have been traded for decades, and are still manipulated. You have recently approved futures Bitcoin ETF’s and those have been successful. With those facts in mind, I don’t see a big difference between a spot Bitcoin ETF and all the other investments currently available. One last thought - I currently invest through existing crypto exchanges, which many are not regulated. Seems a bit risky. It sure would be great to have the ability to invest through a large investment firm, that is regulated. Thank you for your consideration and I hope to see a spot Bitcoin ETF approved in the USA in the very near future. Sincerely, Brad Gieseke