Feb. 23, 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 financial professional, I believe that a small allocation to Bitcoin is both reasonable and prudent. Allowing a Spot Bitcoin ETF would provide a solution to obtain exposure to this asset class for clients that do not want to self-direct their Bitcoin exposure. Now that a futures based ETF has been approved, it is clear that the SEC is comfortable with the general risk of Bitcoin since it has approved an ETF using derivatives of it. I believe a futures-based product is not appropriate for my clients and will never use such a product, but a Spot Bitcoin ETF is something that would make it easier to do my fiduciary duty. By approving the transition from publicly traded to to ETF, it will allow the redemption/creation mechanism of the market to remove the current discount/premium problem that the existing structure has. This would provide a tangible benefit to all clients holding GBTC to have their investments reflect the actual value of the underlying holdings. Best regards, Mike Ross, CFP® CEO / Financial Advisor My Money Coach