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 understand a primary concern of the SEC’s in this matter is protecting investors. I believe the availability of a Bitcoin ETF would substantially enhance investor protection, as investors would not have to turn to minimally-regulated (or in many cases, unregulated) exchanges in order to acquire exposure to this asset class. Further, investors would not be faced with the dilemma of whether to leave their Bitcoin holdings on said exchange, or to take ownership of them via a self-storage device. The latter option is certainly quite risky for investors that are not tech-savvy. Were an ETF to be approved, these investors could acquire the exposure they seek to this asset class, with the traditional safeguards in place (custody, account access, etc). Not approving an ETF is unlikely to diminish investor eagerness (or more cynically, greed). Given that a Bitcoin Futures ETF is already approved and trading, I believe a logical next step is to allow for pure exposure to the asset class via this same trusted technology. Sincerely, Bryan Watts