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. As well as ETHE to a spot ETC etf I am a retail investors, GBTC & ETHE are easy ways to invest in their respective trusts however bitcoin and ETHE , the coins themselves are volatile but the otc products that a small investor can utilize are far more volatile and dont reflect the true value of the underlying coin they represent. They may be the easiest way to get exposure for someone like me but, unfortunately the discount to the NAV is extreme as is the volatility I mentioned.A spot ETF, ( and they are utilized in many counties and work ). The reulating SEC has sought fit to allow future based products as an ETF and not a spot one. This a greatly hurts the retail investors.Retail investors want a direct exposure to BTC, ETH and others I imagine. Using GBTC & ETHE is expensive as well and the dicount to NAV is just shocking and hurtful and truly should be reversed to help level the playing field between a retail investor and the institutional one Sincerely, Barry Sorkin