Apr. 15, 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. It seems highly appropriate to allow investors access to a spot ETF, especially given existing futures-based ETF products. I don't fully understand the rationale for delaying the decision any longer, which only seems to be hurting investors. The spot market is both at an incredible scale and sufficiently regulated for an ETF product. In addition, the rationale for allowing a futures based ETF, which has futures ultimately settled in spot, doesn't make any sense. This seems to be needlessly hurting investors, which I believe is the the last thing the SEC is looking to accomplish. Without a spot ETF, investors must access imperfect products resulting in higher fees or solutions that trade at a significant discount to the underlying market. Please approve a spot ETF ASAP. I am a resident of Connecticut. Sincerely, Ben