Feb. 22, 2022
Dear SEC commissioners, I’m writing in support of the proposed 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 have been a owner of this trust since 2016 and don’t find that it’s price is any more volitile than levered ETFs like UVXY or TVIX or have any more fraud or theft than any regulated emerging market or Futures ETF. My view of your approval decision is clear. If you are willing to allow these other ETFs as well as a futures Bitcoin ETF then you should be fine with a spot Bitcoin ETF. Not to mention the fact that current holders are paying a 2% fee that would immediately be reduced, which Grayscale has stated. This is all clearly to the benefit of the retail investor, of which I am one. Regards, Chris Bell