Mar. 28, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC) to a Spot Bitcoin ETF. I really don't understand how it has not already been approved, yet a Bitcoin futures ETF has? Even Canada and Europe have already approved Bitcoin spot ETFs and there have been no issues with these at all. Even your own SEC Commissioner Hester Peirce can't believe how long this is taking and states the reasoning for denying a spot ETF is outdated, “I can’t believe we’re still talking about this as if, you know, we’re waiting for one to happen,” Peirce said. “We’ve issued a series of denials even recently, and those continue to use reasoning that I think was outdated at the time.” You say it is to protect investors? From what? If approved, the trust would more efficiently track the actual price of Bitcoin, protecting investors from premiums. It would also help investors by reducing the management fees for the trust. Please move forward in approving GBTC to be a Spot Bitcoin ETF. Thank you, Ryan