Feb. 22, 2022
Dear SEC I will like to advocate for the conversion of GBTC into a public trading ETF. The main reason is that it reflects poorly on the SEC to authorize an ETF base on the futures markets of Bitcoin and not in the physical holdings of the underlying. Is like the SEC doesn't understand basic financial concepts like the future price is based on the spot plus the differential in interest rates (The borrowing/lending rate of the USD and the underlying instrument). Is like authorizing the 10yr treasury futures or the euros futures and not the spot trading of those instruments. Is so basic the concept that the spot and the futures have a mathematical direct relationship that I feel ashame to have to write to the government to explain a concept that you find in any elementary publication regarding finance. Please reconsider your decision, in order not to jeopardize the prestige of the US Government. Sincerely Gabriel Politzer