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. It would be a great benefit to retail investors across the United States to have access to a Spot Bitcoin ETF versus a complicated Futures ETF. Spot Bitcoin ETFs are now available in many other countries and US investors are at a disadvantage by not having the ability to place this spot asset into retirement accounts. Investor protection, while extremely important, should not be used as an excuse to slow down approval of a Spot Bitcoin ETF. The SEC has approved a number of leveraged ETFs providing up to 3x exposure to a number of volatile instruments and Direxion is planning single stock levered ETFs for stocks like Meta & Netflix that recently dropped as much as 25% in a single day. Long term Bitcoin investments have performed extremely well for investors despite the short term volatility. Please consider GBTC for Spot ETF approval as soon as possible. Thank you for your time. Sincerely, Josh Finch