Mar. 06, 2022
Hello, I am writing in support of the proposal to convert the GBTC closed-end fund into an ETF. As part of my retirement savings, I would like to invest in a Bitcoin spot ETF. As a current investor in the GBTC fund, I have been dismayed as the GBTC discount vs. net asset value has increased over time. If this fund was converted to an ETF, the redemption process would close the gap between GBTC price and NAV. If the SEC were to deny the conversion of GBTC to an ETF, it would do harm to American investors who are seeking to invest in Bitcoin within retirement accounts. Citizens of other countries can invest in Bitcoin spot-backed ETFs; why not America? Bitcoin Futures-backed ETFs provide no reduction in risk to American investors; in fact, that investment model introduces additional risks when compared to a spot-backed ETF. The best way for the SEC to reduce harm to American investors is to allow the conversion of GBTC to a spot-backed ETF. Thank you, Dennis Trimble