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. The tracking error of GBTC and its NAV is a huge divergence which typically shys or irates investors away knowing very well that there is a price disparity (tracking error). Now GBTC presents a managed fund with Bitcoin as its underlying and managed by Grayscale itself where investors can get exposure to the underlying asset without market speculation. What we see in the current market are speculators and punters trying to guess the next high, the next low or simply speculate at the expense of other regular joes. GBTC, being the largest Bitcoin fund, can provide a precedent to how Bitcoin is to be traded and how it can protect the regular joe who wants a stake in Bitcoin. The idea of GBTC being converted to a spot ETF allows the price of Bitcoin to trade more efficiently; reducing the tracking error and increasing its economic / financial efficiency. Sincerely, Matthew Yin