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. Given that the SEC’s charge is to protect investors, a spot bitcoin ETF would be a positive move in this direction. Currently investors are forced to choose between an inferior product in a futures based ETF (which is high fee and does not accurately reflect bitcoin’s price moves) and GBTC whose fluctuations around net asset value can swing wildly. Approving Grayscale Bitcoin trust (GBTC) as a Spot Bitcoin ETF would give investors an option that would be lower fees while more accurately reflecting the bitcoin price. Also, if the US is going to remain the center of financial innovation, the need for both regulatory clarity and investor access to these types of products is paramount. Sincerely, Richard Hall