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. The approval of a Bitcoin futures ETF and subsequent denial of numerous Spot Bitcoin ETFs was arbitrary at best, given that these two products are 'alike' in nature. These investment vehicles were previously denied as a pair, and should now be approved as such, together. The American public deserves the ability to invest in 'physical' Bitcoin directly so long as a futures-based option is being operated. I urge you to recognize that a GBTC conversion to a Spot Bitcoin ETF is in the best interest of investors in this country, and fully compliant with the SEC's guiding principles. The decision to approve such a conversion allows investors to further diversify their portfolios, better track the price of the underlying asset, and gives the American people a choice in which investment product better serves their needs. I am a resident of the state of Colorado, and thank you for your time. Sincerely, Nathaniel Meyer