Feb. 22, 2022
Dear SEC, Please allow Grayscale to convert their trust product into a Bitcoin ETF. This conversion will lower the fees retail investors like me will have to pay, and will also stop the issue of having GBTC trade at a steep premium/discount to NAV. Spot Bitcoin ETFs exist in more and more countries, and while I appreciate that the SEC wants to protect investors, it is high time we get a spot Bitcoin ETF here in America. Americans deserve to be able to easily invest in a Bitcoin fund - balancing our ability to invest with Canadian investors and investors from other jurisdictions with access to a spot Bitcoin ETF product. Along with helping me, and other GBTC investors by giving us a stable fund that actually tracks spot Bitcoin, you will be helping investors like my parents who are not technologically savvy enough to open an account on Coinbase (or some other exchange) by allowing them to invest directly from their brokerage accounts. A spot Bitcoin ETF will also cut down on the ridiculous arbitrage opportunities that have existed in the past revolving around trading the GBTC NAV premium vs spot BTC. Thank you, Rhett Reisman