Feb. 26, 2022
Thank you for being willing to hear from the public on approving a spot bitcoin ETF as I support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC). I feel as though the team at Grayscale has a proven history of sound custodial management considering their significant ownership of outstanding bitcoin and market cap of the GBTC trust. The fact that their parent company Digital Currency Group owns Foundry, a bitcoin mining operation, allows them to continually mine bitcoin as the trust grows in order to maintain a physically backed ETF product (in an effort to avoid market manipulation). The concept of "virgin coins," newly mined from Foundry (gaining scale and supporting hash rate as I type) also ensures the coins acquired by Grayscales parent are not downstream from nefarious "black market" transactions, which in my opinion bodes well towards popular ESG narratives that various investors are demanding. GBTC provides the ability to transparently report any tax obligations to the IRS in lieu of owning a personal wallet where the tax reporting is cumbersome and confusing. I would like to be able to eliminate concern over controlling my own keys. Again, thank you for your willingness to hear from the retail investors. Sincerely, Clinton Savoy