Apr. 07, 2022
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. 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. Grayscale has VOLUNTARILY been reporting GBTC as if it were an approved ETF for sometime now. Grayscale’s submission for a Spot Bitcoin ETF is not like others. They are the world's largest Bitcoin holder and have the experience and infrastructure in place that should compete VERY FAVORABLY with ANY other Bitcoin product, including Futures based ETFs. I live in the GREAT STATE of TEXAS and believe that United States should have led the world in Bitcoin ETF approval, but that chance has passed. It’s time to get on the lead lap and approve a Spot Bitcoin ETF. Grayscale is the obvious first choice. I own the GBTC trust and conversion to an ETF would cut fees significantly. It cannot be the SEC’s position that I can have exposure to the Bitcoin spot price, but only if I pay 2% per year. It’s COMPLETELY nonsensical!! Sincerely, Michael Beiser