Feb. 28, 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. I think it's a mistake to approve a futures based Bitcoin ETF and not a spot Bitcoin ETF. I am a long term holder and believer in Bitcoin. I also prefer the ease and security of investing in an ETF product rather than personally holding the asset. GBTC has given me an investment I can hold in my IRA. I am well educated on the volatility of Bitcoin and I accept those risks. GBTC has operated successfully for years holding Bitcoin securely and now holds approximately 3.5% of all Bitcoin. It is not an experiment for them. Grayscale has proven they know how to manage such a product. The SEC is supposed to protect investors. Well I would argue that the lack of approving a spot Bitcoin ETF is actually hurting investors. Clearly there is demand in the USA for the Spot ETF. The failure to approve the spot Bitcoin ETF has resulted in GBTC trading at a significant discount to the full value of Bitcoin. That is not protecting investors! Bitcoin has matured greatly over the last 13 years. Many other countries have also already approved spot Bitcoin ETF's. The rest of the world is proving we can do this safely. It's time for the United States to also offer the spot ETF and be a leader in this technology. Sincerely, Jason Brizendine