Mar. 10, 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. While I understand the SEC’s concerns regarding a BTC spot product, I think the benefits vastly outweigh the potential concerns. Retail investors who don’t know how to open up an account directly are forced into purchasing GBTC or other Trust vehicles that can deviate significantly from Net Asset Value. After talking with individuals who own GBTC, 95% of them do not understand this concept which ultimately harms investors. The SEC should approve a more straight forward product to even the playing field and this issue will not go away anytime soon. Sincerely, Dan Greenblatt