Mar. 28, 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 am a physician and I live and practice medicine in the state of South Carolina. I invest in Bitcoin through Coinbase and other US-regulated exchanges. I would also like the opportunity to invest in a spot Bitcoin ETF in my 401K and IRA accounts. Honestly, I don’t understand the Bitcoin futures ETFs that you have approved. Although I am an accredited investor, as a busy doctor, I don’t have the time to dedicate to understand the complexities of these products or if I am making a wise investment with them. I own GBTC, but the fees are outrageous and the premium/discount to the price of Bitcoin is confusing. Honest, hardworking Americans like myself deserve the chance to invest in a spot Bitcoin ETF that directly holds spot Bitcoin, tracks the value of Bitcoin, and has low fees. I think that converting GBTC to a spot Bitcoin ETF makes perfect sense for the investors of this nation. Sincerely, Douglas Moeckel