Feb. 22, 2022
Dear SEC, I want exposure to bitcoin through a vehicle that accurately and efficiently tracks the price of bitcoin that does not trade far from the net asset value of the fund. I feel comfortable with the ETF structure and want access to to bitcoin through my current brokerage and my IRA’s. The futures based product is complicated, inefficient, and is not a good vehicle to track the price of bitcoin. It makes no sense to approve a futures based product but not a spot based bitcoin product when both are designed to track the price of bitcoin. Market manipulation is not a concerning factor and the SEC should not have control over the types of vehicles through which to invest when it comes to bitcoin. Investors deserve to have the right to choose what type of bitcoin product to invest in and I want a bitcoin spot etf product. Preventing spot based bitcoin etfs from entering the market is actually more dangerous to investors because the current options out there do not track the price of bitcoin effectively and trade far from NAV a lot of the time. Buying actual bitcoin is not suitable for all people especially older individuals due to the technological intricacies of self storage. Give investors what they want. That is a spot based bitcoin etf. Allow grayscale to covert their product GBTC into a spot based bitcoin etf and let investors decide for themselves. Respectfully, Stephen Potemken