Apr. 19, 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. Many investors, like myself, seek cryptocurrency exposure in regular and tax-deferred investment accounts. Current SEC rules restrict such investments to trust or futures-based investment vehicles which (1) generally involve higher costs to the investor, and (2) are likely to be more volatile than a spot ETF product due to discounts/premiums in the trust products and leverage in the futures markets. For investors who seek such investment dynamics, that is fine, but investors should also have the option to simply hold a spot cryptocurrency product. Sincerely, Mike Drinkwater