Mar. 29, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC) to the first spot Bitcoin ETF in the United States. I'm from California, and, frankly, it's incredibly disconcerting that I still cannot purchase a BTC ETF. I'm basically forced to purchase a futures ETF, which eats up my returns due to the nature of the rolling of contracts upon expirations. It does seem as though you are supporting only large institutions and wealthy investors, the primary users of futures products such as BTC ETF futures, while penalizing the average investor. I've heard no compelling argument to not approve a spot BTC ETF. Currently, my best bet in the traditional finance environment is to utilize the GBTC trust for exposure to BTC, but it is trading at a huge discount and is not accurately tracking BTC to my advantage. My other option is to purchase directly, which is complicated and burdensome. I implore you to approve Grayscale's conversion to an ETF, so that it can level the playing field for the retail investor. Sincerely, David Castro