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. The SEC’s job is to protect investors and you currently have a large and growing population of investors that are investing in crypto assets often starting with bitcoin. A ETF is a proven cost effective/efficient investment vehicle for retail investors for sure. The futures based bitcoin ETF which the sec has approved - the price of these futures trades at a premium or discount depending on if it’s a bull or bearish mkt - these extremes create much more complexity (risk) for the retail investors. This product is better suited for institutional investors even though you have a lot of retail investors to those investors are purchasing a spot Canadian ETF.. The SEC approving a spot bitcoin ETF is good for retail investors, a much better alternative to a futures.. If you approved the futures ETF you must approve the spot ETF. Sincerely, Gregg Swensen