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 approval of these BTC trading products in countries other than the US (e.g. Canada, Germany) are moving capital that could remain within US regulations and jurisdiction out of the country. As exposure to BTC price has been already been approved by the listing of BTC future ETFs like BITO the distinction between a spot ETF and futures ETF remains arbitrary, the purpose of both of these funds is the same. The advantages of a spot ETF is that it removes rollover costs associated with future ETFs and allows for exposure to the true spot price instead of futures which often act as only a proxy. These repeated denials of ETF applications are not being made with a real understanding of what investors want as instruments in the market. Sincerely, Rahul Kumar