Apr. 22, 2022
Dear Chairman Gensler, As a shareholder of GBTC, I am in favor of converting the fund into a spot ETF. Greyscale has been the leader in this space and they have vast amounts of experience in handling BTC custody. The conversion will also help lower the overall management fee thus benefiting individual investors like us. A spot BTC ETF is the preferred investment product for individual investors. If SEC is comfortable with a future based BTC ETF, there is no reason whatsoever a spot ETF should not be approved. Warm Regards, Herbert Lau