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. My name is Lewis Kawecki, and I am writing to you from Kings Beach, California asking for GBTC to be converted into a Spot Bitcoin ETF by June 2022. The SEC is suppose to help protect investors, so it doesn’t make sense that the SEC approved a futures BItcoin ETF five months ago and still has NOT approved a spot Bitcoin ETF. A futures Bitcoin ETF is a hedging tool that is used to hedge against volatility in a Spot Bitcoin ETF, but there is no Spot Bitcoin ETF in the US. Retail investors need a spot Bitcoin ETF. Grayscale Bitcoin Trust is the only US product I can invest inside my IRA for Bitcoin exposure, but this trust has had large swings from trading at a premium to a large discount since November 2020. As a retail investor, I need a Spot Bitcoin ETF that doesn’t have a premium/discount; so, I am asking you to convert GBTC into a Spot Bitcoin ETF for my protection and the protection of all retail investors in the US. I don’t want to have to take my capital and retirement and move outside the US to a country that supports Bitcoin ETF investing. Sincerely, Lewis Kawecki