Mar. 29, 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. Having been a believer in the potential of blockchain technology since 2013, I discovered Greyscale trusts in 2019, and have been steadily accumulating GBTC and other digital asset products in my retirement account. Since there is no other way to easily invest in digital assets without converting to a self-directed IRA, we must endure additional risk on top of the inherent volatility of Bitcoin and other digital assets without a spot BTC ETF option in the US. It does not make me feel confident about the integrity of our government agencies to know that the single biggest risk to my portfolio is the agency responsible for protecting retail investors like me. Your lack of action on allowing GBTC conversion to an ETF, which has broad consensus that doing so would reduce risk for retail investors, is one of many examples that makes retail investors like myself feel this way. Please consider the impact of your actions on hundreds of thousands of small retailers like myself in not only this decision but future decisions related to crypto assets. There is no good reason to allow us many riskier proxy assets based on BTC but not a true asset with direct correlation. Sincerely, Matt C.