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 reside in the state of Texas. I am merely a very small individual investor trying to take care of my family, within my IRA. First, if we wanted exposure to bitcoin, we had to buy GBTC, non-spot (because Schwab and Vanguard had no way to allow us to invest directly in bitcoin itself) - because a spot ETF was not available to put into these traditional accounts - really? - it is the 21st century now!) And then we had a market premium at one time - and now we are holding our GBTC investment at a discount to NAV - this is all unnecessary, and all we are asking for is normal spot ETF - to track our investment directly - with market based valuation, widely known. This spot ETF approval would also lower Grayscale management fees for us small investors. Myself and others I know feel very very wronged that you all approved a futures ETF but not a spot ETF, for bitcoin. We are not interested in futures contracts - too risky for us. Protect us please with lower fees and a simpler investment product like a spot BTC ETF. Don’t push us towards inferior futures products. Grayscale is very reputable and transparent. Allow conversion to spot ETF! Why is it that other countries have bitcoin ETFs based on the spot price of bitcoin, but America, the greatest country in the world, cannot have the same investment opportunity for its own citizens? Money flows should come towards our country and not out of our country. Please do not let our country fall behind. Approve the GBTC spot bitcoin ETF for us please. Sincerely, Anthony Ettipio