Feb. 23, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC) as well as other Bitcoin spot ETF applicants to become Spot Bitcoin ETFs in the United States. The reason this is important to me is residents and customers are not allowed to openly invest in Bitcoin as a spot ETF. The futures ETFs pose additional risks and issues we should not need to face including tracking errors and contango. I would rather own the actual asset itself. The only reason I cannot own the asset itself is because I have money allocated to Retirement accounts which need to be traded on the regulated markets. Ultimately, it is up to every investor to evaluate their risk and allocate accordingly. Each investor adjusts/error corrects based on performance and gaining more knowledge. Without a Bitcoin spot ETF, I am considering not allocating any more capital to retirement and brokerage accounts because I do not have the ability to own an ETF which tracks directly to the Bitcoin asset. Additionally, the current capital I have in retirement accounts which I allocate towards Bitcoin, I have shifted to a spot ETF on the Toronto exchange. I wish I didn’t need to do this because I incur other costs. If we as the United States don’t offer a spot ETF most will shift their investments to other countries instead. I am from Washington State. Sincerely, Brad Wiegand