Feb. 22, 2022
I believe the conversion of GBTC from its current trust form to an ETF would protect investors because the current system only allows for a one way redemption of spot to shares. This only benefits accredited investors who have in the past been able to take advantage of this arbitrage opportunity at the expense of retail investors who can only pick up shares. Retail investors are currently the victim of a costly arbitrage when the premium flipped negative, but unfortunately as GBTC is one of the only opportunities for BTC exposure in investment accounts, we are forced to pay it. A conversion would level the playing field and protect retail investors who want exposure to BTC in their investment portfolio. The approved futures ETF is a far inferior investment vehicle and is only practical for trading. America is lagging behind other countries who have already long since approved BTC spot ETFs, when we should be a leader in these matters.