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. I reside in CA. It seems odd that there has been this much delay approving a spot ETF for an asset that is close to $1 trillion in market cap. The SEC is supposed to protect the small retail investor, but unfortunately that does not seem to be the case here. Currently available products, such as Futures based ETFs have many issues- tracking error, high fees, etc. It is disappointing to see other countries that have not historically been as quick to embrace innovation approve a spot ETF before the US. Please approve the conversion of GBTC to a spot ETF and give investors the choice they desire. Thank you for your consideration. Sincerely, Rob