Mar. 29, 2022
Dear SEC, I am a private retail investor. 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 fully support the existence of ETFs that hold 100% of investors' funds as BTC, bought and sold on the spot market, without any lending or rehypothecation, and with appropriate security and key management policies to minimize counterparty risk. I also support investors being able to redeem units of such an ETF for BTC directly. I would also welcome for such an ETF to make public the addresses in which their BTC reserves are stored on the blockchain. This would allow the world to audit their reserves every 10 minutes. Do any other ETFs have this feature currently? I really believe that it is quite inappropriate for the SEC to continue to prevent a spot Bitcoin ETF, especially having already approved a derivative ETF. Bitcoin is secure, decentralized, unforgeable digital property, and deserves to be recognized as such for the sake of all investors, who have a right to make appropriate investment decisions with their 401k funds. I will be moving to the state of California later this year. Sincerely, Toby Sharp