Mar. 28, 2022
Dear Gary, 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. A bitcoin spot ETF needs to be approved. Anybody that wants access to Bitcoin can get it through a variety of means. The non-ETF greyscale products and the futures based ETF’s are not acceptable vehicles for long term investment due to high fees. A spot BTC ETF would solve this issue. Short term price volatility is to be expected. Short term dislocations in price is to be expected. For long term investors that want low fees, this is a non-issue. Short term trades can accept this risk or trade spot directly. Sincerely, Jeff Pryor