Mar. 01, 2022
Dear SEC, Thanks for the opportunity to provide feedback on this important ruling. I am a retail investor and while planning for retirement in May 2020 I invested a sizeable amount in GBTC. At the time it was selling at a premium to NAV. Currently it’s valued at a ~25% discount to NAV. Needless to say, the delays in approval is hurting investor like myself and quite possibly generate negative impact in the mid-term elections, as the adoption rate for Bitcoin continues to grow amongst all age segments. I understand your need to regulate and that regulation is good for everyone – ensuring a level-playing field. But at this juncture delays in approving this ETF is hurting the investors you are sworn to protect. I also understand the SEC is short of staff at the moment (who isn’t?), but kindly request you prioritize the approval for the Grayscale Bitcoin Spot ETF. Please consider that delaying approval will only drive investors away from the current financial systems and into decentralized exchanges where fiscal regulation is much harder to enforce. Again, your support for prioritizing the ruling is much appreciated. Kind regards, Rafael Cavalcanti