Mar. 15, 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. Bitcoin is an important innovation that is being increasingly adopted by society for a multitude of purposes. Bitcoin spot ETFs have already been effectively introduced in countries around the world. Futures ETFs have been approved in the United States, but these ETFs have high fees relative to spot ETFs (which hurt the consumer) and can have difficulty adequately maintaining their peg to the underlying asset. I understand that the SEC wants to ensure adequate consumer protections, but it is imperative that the SEC works with financial services providers (such as Greyscale) to approve a spot ETF. Not doing so sidelines US investors who would like exposure to "physical" Bitcoin but do not have the technical knowledge or understanding to do so currently. Facilitating the approval of a spot ETF will give US investors access to a superior product than that which currently exists in the market today. Sincerely, Edward Armentrout