Apr. 16, 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. The time has come for a Spot Bitcoin ETF, I have been investing in GBTC for over a year, I fully understand the risk/reward of Bitcoin, and the volatility of the Asset. It is important to me and the investment community, that the playing field be leveled with different options being available to me as a long term investor,( i.e. crypto exchanges, Futures Bitcoin ETFs, Proxy Bitcoin investments, GBTC, and now a Spot Bitcoin EFT, etc.), so that I have fair/competitive options on the investment vehicles I choose to use. By only having the GBTC fund to have direct exposure to Bitcoin, without the added responsibility of using crypto exchanges and/or self custody, it has increased the fees that I am paying and the closed end funds sells at either a premium or a negative discount, which again creates an unfair environment to me as a long term investor. Supporting and allowing GBTC to be converted to a Spot Bitcoin ETF, will create a fair and regulated option to invest in Bitcoin. Many other countries have already approved a Bitcoin Spot ETF, there is no valid reason, that the United States of America should be trailing many countries in the world. The USA should be seen as a leader in the area of investment options, not a trailer. I currently live in North Carolina, and have for the last 30 years, again the SEC should move forward (immediately) with the approval of converting GBTC to a Spot Bitcoin ETF. Sincerely, Stephen Cargle Sent from Mail for Windows