Mar. 21, 2022
Dear SEC, I write 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. Such a move will allow retail investors greater options for exposure to Bitcoin, something which we clearly desire. The Bitcoin market has matured to the point that a Spot Bitcoin ETF makes sense both by providing investors with a safe product and by creating a clear, transparent and reliable ETF to track capital gains and losses. The United States has fallen behind countries such as Canada which has already introduced a Spot Bitcoin ETF. Your organization has approved Futures Bitcoin ETFs, but these ETFs have high fees relative to Spot ETFs and can have difficulty maintaining their peg to the underlying asset. Failing to approve the GBTC Spot Bitcoin ETF sidelines US investors who desire exposure to Bitcoin but who lack the technical knowledge to obtain and hold the cryptocurrency directly. I am a California resident and I thank you for considering my comments. Sincerely, Scott Williams, Mrs.