Mar. 14, 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. I live in California and am a current holder of GBTC. Every reason I hear why you could deny conversion to an ETF should have applied to the futures based Bitcoin ETF or the creation of the GBTC trust fund years ago... but you approved them. Not allowing conversion is not fair at this point and you are doing more harm to shareholders if you do not approve conversion to a spot bitcoin ETF. The futures based Bitcoin ETF has to overcome contango spread plus fees just to be break even. A spot Bitcoin ETF won't have to overcome contango spread. If you are concerned about someone stealing bitcoin via an Coinbase or Grayscale inside job, just ask them to get theft insurance. Sincerely, Joel Wikstrom