Feb. 22, 2022
Hello, I'd like to express my support of GBTC conversion to a spot ETF. I have been an investor with GBTC for a year now and I continue to see my investment in the GBTC shares eroded against the value of the bitcoin in the trust. This discount to NAV is hurting myself and thousands of others. I'm having a hard time understanding why a futures bitcoin ETF was allowed but a spot ETF is not. The SEC is to help protect investors, but right now my investment in the GBTC trust is not being protected. A conversion to a spot ETF would help my shares trade at their NAV of the bitcoin in the trust. Transitioning to an ETF would help the fund better track the price of bitcoin and eliminate premiums and discounts. It would also help investors by the reduced management fees of GBTC. Regards, Kyle Whitten