Mar. 10, 2022
To whom it may concern, I am writing to ask that the SEC allow Grayscale to convert their bitcoin trust (GBTC) into an ETF. GBTC today trades at a huge discount to the underlying asset (Bitcoin) and this hurts American investors. Numerous developed countries have already approved BTC ETFs putting those investors at an unfair advantage. How can these products be safe enough for other countries but not for ours? Furthermore, allowing a Futures BTC ETF but not a Spot BTC ETF is very concerning since clearly the prices track the same mechanism, the spot price. We the people, hope that our government officials hear us. Please approve Grayscale's application to convert GBTC into an ETF. Thank you, -- Ben O’Hare