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. To a common investor like myself, it would seem like a spot bitcoin ETF offers the same protections, if not more, than a bitcoin futures ETF. A spot bitcoin ETF on an established exchange like Fidelity or Schwab could be a better option for many American institutions and common investors like myself. The demand is definitely there, and our country would benefit as well. I got into GBTC as a way to invest in bitcoin without having to worry about software updates, personal mistake, and many of the worries of self custody. GBTC is a great alternative to storing bitcoin yourself, but the market is evolving and maturing to where storing and securing bitcoin is becoming easier. The market has matured and bitcoin is a recognizable product worldwide. A bitcoin ETF makes sense at this point to meet market demand. It is only fitting for our country, a country of financial and technological innovation, to have all options available for common investors and experts alike. Sincerely, Andrew