Mar. 17, 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. The mission of the SEC is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. Allowing access to GBTC in an ETP format offers retail investors exposure to bitcoin at a price that more closely align to bitcoin spot trading prices, without having to hold bitcoin themselves. This allows investors, who do not want to or are not prepared to self-custody bitcoin or who are concerned about the bitcoin futures ETF roll costs risk, to have access to a bitcoin spot investment product which will have lower expense fees than a futures ETF and more closely tracks the price of the bitcoin spot markets. With these items in mind, it seems that approving a conversion of GBTC to a spot bitcoin EFT would be more aligned with the SEC's mission than the existing futures products. I appreciate the opportunity to provide these comments. Sincerely, Ryan Snyder