Mar. 08, 2022
Dear SEC - I’m writing to support the conversion of the Grayscale Bitcoin Trust (Symbol GBTC), currently the world’s largest Bitcoin fund, to be the first Spot Bitcoin ETF in the United States. There is no valid reason NOT to have a Spot Bitcoin ETF in the US. If Canada can find a way to bring these Spot Bitcoin ETFs to market (witness Purpose Investments, Evolve Funds, and Fidelity Investments’ offerings), surely the US can as well. The US should proudly be at the forefront of innovation, not laggards. The US MUST find a way to become comfortable with spot based crypto ETF products, starting with bitcoin. These ETF products would provide investors with the proper regulation and lower management fees, both of which are very beneficial for investors. The market is demanding these products, we must act. As a personal investor who resides in Fairfield, Connecticut, I have long been waiting for the familiarity and protections of a Bitcoin ETF. Futures based ETFs do not track the underlying price well. I should not be forced into a Futures-based product simply because it’s the only one that exists. You can help take GBTC to the next level, conversion to an ETF. It’s already the world’s largest Bitcoin fund and regularly reports to the SEC on a voluntary basis as an SEC-reporting company. I welcome your comments. Sincerely, Todd Schmucker Todd Schmucker Business Development, Head of Data Partnerships