Mar. 02, 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. Hundreds of thousands of GBTC investors have been waiting for the familiarity and protections of a Bitcoin ETF. I do not believe that these investors should not be forced into a Futures-based product simply because it’s the only one that exists. GBTC is already the world’s largest Bitcoin fund and regularly reports to the SEC on a voluntary basis as an SEC-reporting company. GBTC is a logical choice for the first approved Spot Bitcoin ETF. Most investors are very comfortable investing in various spot ETFs. Converting GBTC to an ETF allows investors to access safe access to the BTC asset through a trusted centralized custodian. This is both simpler and safer than a future's based ETF or forcing investors to self custody their own BTC. Sincerely, Kevin