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. In its current state, as a Trust, there is no mechanism to bring it's value back to NAV. This is hurting investors. An ETF wrapper will provide investors with a safe, reliable way to get exposure to the spot price of Bitcoin in a wide variety of investment account types. The Bitcoin Futures ETF already approved has extremely high roll costs, which is damaging to investor's returns. It does not make sense to approve a futures ETF but not a spot ETF, when a spot ETF will provide better net returns after fees for investors. The argument that the Bitcoin market price can be manipulated does not hold up, as it is no different from any other commodity or property. An investor holding an ETF like this in their brokerage account without leverage will not be any more adversely affected by "manipulated" price action than if they held any other type of commodity ETF. Please approve a Bitcoin Spot ETF for the US consumer, our country is being left behind as the rest of the world moves forward with this revolutionary technological advancement in digital property. Sincerely, Joseph Maule