Mar. 01, 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 ETF would more efficiently track the price of Bitcoin, effectively eliminating premiums and discounts. It would allow Grayscale to reduce management fees for GBTC. It would allow American retail investors to more easily and safely invest in Bitcoin without needing to own the underlying commodity and without paying OTC fees. It would also make tax reporting much easier than trading the underlying commodity. It has been surprising and confusing to see the SEC allow a futures ETF on bitcoin, but not a Spot Bitcoin ETF, especially as the futures ETF carries significantly more risk. Thank you, Sincerely, -Luke Fafach, resident of Albany, NY