Mar. 24, 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 “what we do” section of your website, states your mission is to protect investors. By not allowing a proper ETF you’ve locked out consumers without technical or trading expertise from participating in an entire asset class. Those wishing to take part, must use the already approved (and less consumer-friendly) futures ETF, or adopt less vanilla methods of holding the underlying asset. Due to the structure needed for GBTC, for example, holders pay large fees every year just to get this exposure. It is inexplicable that you’ve already approved a futures ETF but continue to deny spot, as futures ETFs are significantly more complicated and consumer-unfriendly instruments. Looking into other asset categories: in recent times, an approved instrument for oil trading has reflected the price of energy as negative, and you’ve offered consumers virtually no protection from predatory SPACs. Approval of these situations juxtaposed against the lack of approval of a smile uncomplicated ETF strains the credibility of the SEC as an institution that claims to protect Main Street. I hope you’ll do the right thing an approve GBTC as the first spot Bitcoin ETF. Sincerely, Paul Malewitz