Mar. 12, 2022
re: A vote in favor of converting the Grayscale Bitcoin Trust to a spot ETF trading in regular brokerage accounts for US customers. I am writing to express my desire to convert the Grayscale Bitcoin Trust (GBTC) to a spot ETF. I think GBTC is the best to first allow a spot ETF due to their many years of experience with holding BTC in the trust. I am unhappy with futures contracts being the only option. I have never traded in futures, and consider it more risky and complicated than a spot ETF. I think that the ETF is a more secure option than cryptocurrency exchanges and wallets that are necessary to buy and hold Bitcoin currently. I speak as a consumer who was phished by criminals posing as Coinbase staff; I was fortunately able to stop the attempted theft and secure my account. I feel more confident in Grayscale holding my assets in cold storage and being less vulnerable to cyber criminals. I want to diversify my IRA holdings in a regular brokerage account, and wish to do so with a spot ETF. I think it makes sense to grant a spot ETF to Greyscale for Bitcoin and allow them to convert GBTC to a spot bitcoin ETF. Please do the right thing and allow this product. Sincerely, Robert Vandegrift