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. REFUSING TO APPROVE GREYSCALE SPOT ETF IS DAMAGING MY INVESTMENT IN GBTC. This is contrary to your mandate to protect the investor. FUTURES ETF DOES NOT PROTECT THE INVESTOR, IT SIMPLY ALLOWS THE GOVT TO ENCOURAGE SHORTING OF BTC. Spot etf is actually a safer investment for an investor as there are no rollover costs. It requires acrobatic logic to justify that a futures etf is fine but a spot etf is bad. All that is happening is that foreign etfs are taking the business while a US product, ie gbtc suffers (massive premium discount)due to your intransigence on this matter Sincerely, Ed Alfred