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. Since crypto currency is huge topic in coming future, now is a very good chance to regulate it in order to protect market investors. Bitcoin, the largest currency in crypto market, which is a fast growing asset type as we can see from last 11 years. Nowadays, more and more institutions getting into crypto market especially bitcoin market to enrich its portfolio in terms of risk management. Besides, investors also put bitcoin in a position which is similar to gold, because bitcoin can be use for store of value. Unfortunately, not everyone understand how to invest bitcoin, GBTC is a alternative in such situation. As if GBTC can turn into spot ETF, it may benefit investor in many aspects. For instance, spot ETF track even close to bitcoin price, minimize both premium and discount associated with bitcoin futures ETF or bitcoin trust. In terms of management fee, it should be lower in bitcoin spot ETF compare with 2% in GBTC right now. Last but not least, I think now is a very good time to bring bitcoin to traditional stock market in a way of spot ETF, SEC is a role to put this spark into fire. Sincerely, Jay Kuo