Feb. 25, 2022
Hello SEC, This is really simple. GBTC should be granted conversion to a spot ETF. The market needs a true spot ETF. Futures can be a difficult vehicle for investors to understand. If it's okay for less sophisticated investors to have exposure to futures, it should be okay for them to have exposure to spot as well. Many people, as I'm sure you're aware, are buying Bitcoin directly through exchanges. They know what they're buying when they buy spot. They may not understand what they're buying when they buy futures. If American adults can buy lottery tickets, they should be able to invest in a spot Bitcoin ETF. Do the right thing. Don't hold up this process any longer. -Mike Fay