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. I am a US Citizen and an investor in GBTC. I find it very unfair that multiple Bitcoin Futures based ETFs have been approved to date and still no Spot Bitcoin ETF. Since the price movement of a Futures based ETF is highly correlated to the price of Bitcoin traded on the other Exchanges, there is no logical reason why a futures based ETF is considered safe for investors while a Spot ETF is not. Also, not having a Spot Bitcoin ETF product in the USA while many other countries have the product available and have no issues with it, puts us at a big disadvantage as other countries attract Billions of dollars in Capital looking to have direct exposure to Bitcoin. Sincerely, Marc A.