Feb. 24, 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 qualified individual investor residing in Pennsylvania, I am ready to invest in spot bitcoin but there are no ETF options. The existing btc investment vehicles options are sub-optimal: GBTC has a disconnect between market value and the underlying value of btc the fund holds (currently trading at a 25% discount – not investor friendly!) BITO invests in futures, which is a high cost vehicle due to roll-forward costs Buying spot btc through exchanges like Coinbase is subject to large spreads and transaction costs, usually 3-5% round trip plus fees Please approve spot bitcoin ETFs, and set clear standards with respect consumer disclosures and other regulatory requirements. Many other developed markets have already approved similar investment vehicles, including Canada. Sincerely, Bob Sage