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 am a Washington State voter and supporter of digital assets and non-state currencies such as bitcoin. Bitcoin is a bearer asset which allows for self-custody. Financial products designed to provide investors to exposure to bitcoin should as a matter of principle seek to reduce intermediation between investors and the actual asset. All futures-based bitcoin ETFs distort the true value of the underlying investment asset of bitcoin, as they are priced to an approximation of bitcoin's value, not the actual price of the asset. Spot ETFs provide a unique opportunity to provide more accurate pricing of bitcoin, and this accuracy benefits retail as well as institutional investors. Please right the wrong of allowing only inaccurate futures-based ETFs. Sincerely, Chris Coldewey