Apr. 22, 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. I believe that approving Grayscale's application to convert GBTC to a spot ETF is very much in line with the SEC's mission of maintaining fair and efficient markets. I believe there is no rational basis for disallowing a spot-based ETP while allowing a futures-based ETP. I personally hold shares of GBTC in a tax-advantaged retirement savings account that does not have the option of holding actual Bitcoin or other cryptocurrencies in their native form. Other countries already have Bitcoin spot ETFs (e.g. Canada and Australia). Failure to act on this now will risk leaving U.S. investors at a disadvantage. I live in Maryland and very much appreciate your prompt attention to this matter. Thank you, Nick Del Grosso