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. This is a travesty. This is an SEC should be ashamed of its self!! Millions of Americans want a spot bitcoin ETF and it is the duty of the SEC to approve one immediately. Grayscale’s involvement with BNY Mellon solves the SEC’s concerns and given that the already approved futures bitcoin ETFs use the same exchanges for futures pricing, there is no longer any valid argument against approving a spot btc ETF. We are now a year behind countries like Canada, Brazil, Australia, and many others who offer their citizens a tried and true way to invest in btc through a regulated product. It is obvious that innovation and money will go elsewhere as evidenced by Fidelity’s new ETPs in Canada and Europe, and it is irresponsible of the SEC to take 3 months to respond to politicians who advocate for a spot btc ETF. Please bring some credibility to the SEC and approve the conversion of GBTC from a trust to an ETF so investors no longer have to tolerate wild premium to discount swings in a product that no longer tracks btc due to inaction by the SEC. Grayscale has voluntarily reported to the SEC since 2018, and the time to approve the conversion is now. Sincerely, Paul Sciacca