Mar. 03, 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. Ever since learning about Bitcoin I’ve become more interested in personal finance, investing, and monetary policy than I ever was before. I’ve spent hundreds if not thousands of hours learning and studying Bitcoin, the history of money, monetary policy, etc - and it’s led me to believe it is one of the most important things of our generation. Investors deserve the ability to invest in Bitcoin through a spot based ETF, and not take on the risks and pay higher fees on products like GBTC currently, and futures ETF’s. Currently we’re forced to invest in these subpar product offerings to get exposure in our retirement accounts. GBTC currently has a high fee and has been trading at a massive discount to NAV. If converted, Grayscale has committed to reducing the fees and likely we will see this discount reduce drastically. This is a win, win, win for all parties. Again, currently, you only allow a future’s based Bitcoin ETF, which is extremely confusing to the average investor/consumer, and it puts them at risk. It doesn’t make any sense to let that future’s ETF trade while you continue to disallow a spot based Bitcoin ETF, especially when they are currently trading in other countries. It will be catastrophic to allow the United States to continue to lag behind on this. Bitcoin has proven itself over the last 11 years. It has the market cap, liquidity, security, and trust to have spot ETF’s available. You’re not protecting us by denying countless Bitcoin spot ETF’s, you’re screwing us over and allowing us to continue falling behind other countries in this area. Sincerely, William Hehn