Feb. 23, 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. The public wants exposure to Bitcoin, and a spot Bitcoin ETF is the best product to gain this exposure for the broad public. Holding BTC directly or through exchanges is not the safest or most cost effective way for the public to own Bitcoin. Rather a spot ETF is a much more efficient and safe product. The current SEC approved BTC futures ETF is a terrible product subject to rollover risk, as well as not holding the underlying asset directly. It is totally unacceptable for the SEC to sanction the futures ETF while not approving a spot ETF. The SEC should approve the conversion of GBTC into the first Spot Bitcoin ETF given their scale in the marketplace and understanding and compliance with SEC rules and regulations. Don’t wait any longer to provide a safe and efficient investment product that millions of Americans are demanding. Sincerely, Dan Prislin Alameda, CA