Feb. 26, 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. This move would enable retail investors in the United States to invest in digital assets through more traditional and efficient vehicles. Implicit approval of BTC's accessibility on premier exchanges in the USA is already in place via futures-based products. This is despite the fact futures-based products are more complex and prone to underlying assest price divergence than a spot ETF - something many retail investors may not realize. A spot ETF is simpler, cleaner, and more efficient. It will all but eliminate the price-to-asset variation found in both the Trust and Futures-based products, providing a maximally efficient vehicle for TradFi investors - and an incentive to those already in crypto to keep more of their money on traditional exchanges. Thank you for your consideration. Sincerely, Kyle Sears, IA, USA