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. As a retail investor in California, GBTC is the easiest way to get an important Bitcoin exposure, unfortunately the discount to the NAV is hurting us greatly. This would be fixed by a spot ETF, A product that is available to retail investors in other countries. Authorizing a futures ETF and not a spot one is a great disservice to retail investors.Retail investors want a direct exposure to BTC and this lack of approval forces us to exchanges that aren't always secure or paying high fees (that would lower were the change to spot ETF be approved) and a large negative premium with GBTC. This is hurting investors. Sincerely, Concerned Citizen