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’m a resident in Massachusetts and I invested a significant portion of my portfolio in GBTC to gain exposure in BITCOIN in a convenient and safe way. However, GBTC currently trades with a deep discount around 27% to its NAV, causing investors to be trapped inside. Please approve GBTC conversion to ETF to protect investors. Since SEC already approved Bitcoin future based ETF, I see no reason to not approve a spot ETF. Futures are mainly used by institutions and future based ETFs are good for speculating, not suitable for investment with huge rolling cost. They give big players windfalls by sucking fees from small investors who’s not familiar with hidden cost in future based ETFs. If SEC intends to protect small retail investors, please approve GBTC conversion to spot ETF. Sincerely, Wuwei Liang