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 already own GBTC in my brokerage accounts. Your continued reluctance to approve a spot ETF costs me thousands of dollars in annual Grayscale management fees. Yet despite its high fees and other suboptimal characteristics, alternatives do not exist, or, in the case of futures ETFs, are not practical solutions for retail brokerage investors who seek liquid exposure to the underlying asset over long periods of time with low fees. Please allow retail investors like me to hold Spot Bitcoin and Ether ETFs like the many other physically backed commodities ETFs widely available. I am a U.S. citizen and New York resident. Sincerely, Daniel Stone