Feb. 25, 2022
In the interest of smaller investors such as myself, I am in favor of the proposed conversion of GBTC to a spot ETF or the approval of ANY spot ETF. It would benefit investors in that it would give them the opportunity to invest in a more efficient vehicle that better tracks the underlying assets current price. Investors would also benefit from the cheaper fees associated with a spot ETF vs a closed Trust. Many other national stock exchanges and regulators have already greenlit spot Bitcoin ETF products, putting the US investor at a disadvantage. This forces the US investor to have to use other, less regulated means to invest in the underlying asset. Futures Bitcoins ETF products are NOT the answer. They are confusing for the average investor, expose the investor to contango bleed, and do not efficiently track the current value of the underlying bitcoin. Do the right thing and give the US Investor a safe alternative to buying Bitcoin directly. -- Regards, JOE D'AMICO